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Dubai / Reuters
Gulf stock markets were mixed in quiet trade on Tuesday as Riyadh’s bourse pulled back after rising sharply on the previous day, when Saudi Arabia and Russia said they would cooperate to support oil prices.
Riyadh’s stock index gained early on Tuesday but closed 0.2 percent lower at 6,190 points, failing a test of technical resistance at 6,226-6,257 points, the lows in early August and June. Daily trading volume was at its second-lowest level this year; the lowest occurred last week.
Many analysts think the Saudi-Russia deal may do little to boost oil prices in the long term. The two countries did not announce specific steps and it might be difficult for them to join with other big producers to restrain output.
The stock market’s decline was broad-based with losers outnumbering gainers by 126 to 32. But petrochemical producer Saudi Basic Industries rose 0.6 percent and miner Ma’aden gained 0.9 percent after it said a unit had started trial production at a new ammonia plant.
United Cooperative Assurance jumped 4.2 percent after the Saudi central bank said it was allowing the company to resume accepting new vehicle insurance subscribers, after suspending permission since late June.
Dubai edged down 0.1 percent as Shuaa Capital , which had soared its 15 percent daily limit to a 16-month high on Monday, fell back 5.5 percent.
The Dubai-listed shares of Orascom Construction climbed 5.0 percent after its board of directors approved a proposal to buy back up to 1 million of the company’s Cairo-listed shares, which surged 4.6 percent.
Abu Dhabi’s index edged up 0.1 percent but Qatar dropped 1.2 percent as several blue chips pulled back, with Qatar National bank losing 2.3 percent and Industries Qatar falling 1.9 percent.
In Egypt, the index fell 0.8 percent with nine of the 10 most heavily traded stocks declining.