August 22, 2017 / 8:58 AM / a year ago

MIDEAST STOCKS-REITs, Al Rajhi Bank boost Saudi, rest of region quiet

DUBAI, Aug 22 (Reuters) - Saudi Arabia’s stock market rose in early trade on Tuesday on the back of a further gain by Al Rajhi Bank and heavy trade in real estate investment trusts, while the rest of the region barely moved.

The Saudi stock index climbed 0.5 percent in the first 90 minutes, with Al Rajhi up 0.9 percent, bringing its gains over the last five days to 4 percent.

Maather REIT Fund jumped its 10 percent daily limit from its initial public offer price to 11.0 riyals upon listing in Riyadh to become Saudi Arabia’s fifth listed REIT.

The other four REITs were all among the 10 most actively traded stocks, swinging widely between positive and negative territory. The most active stock, Al Jazira Mawten REIT , was down 0.4 percent.

Mining firm Ma’aden climbed 2.0 percent after international base metal prices surged to multi-year highs overnight.

Dubai’s index edged up 0.2 percent as blue chip Emaar Properties added 0.4 percent, but only four of the 10 most heavily traded stocks rose.

Abu Dhabi edged down 0.04 percent as Dana Gas , which had soared 8.1 percent on Monday after reporting a sharp rise in second-quarter net profit last week, pulled back 3 percent.

Qatar’s index gained 0.2 percent as Investment Holding Group, which plunged after listing last week following an IPO at 10 riyals per share, rebounded 3.5 percent. It was the market’s most heavily traded stock. (Reporting by Andrew Torchia, editing by Louise Heavens)

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