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Reuters
Most Middle East stock markets traded in narrow ranges on Sunday while Saudi Arabia was dragged down by several major blue chips.
The Saudi index dropped 0.7 percent as Al Rajhi Bank lost 1.0 percent and miner Ma’aden sank 1.9 percent. Petrochemical producer Saudi Basic Industries fell 0.7 percent.
Insurers were roughly evenly split between gainers and losers after they tumbled last week on expectations for a shakeout in the sector caused by tougher regulation. Amana Insurance, which had plunged 14.9 percent last week, surged 5.8 percent in unusually heavy trade.
Food company Almarai rose 3.4 percent after saying the Public Investment Fund, the main Saudi sovereign wealth fund, had retained a 16.3 percent stake in the company after a 25 percent capital increase through an issue of bonus shares.
Dubai’s index edged down 0.1 percent to 3,658 points, retreating from technical resistance at 3,667-3,681 points, the August and September peaks.
Islamic Arab Insurance, the most heavily traded stock, surged in early trade but closed 2.4 percent lower. It had risen sharply in its heaviest volume since March, attracting speculative traders into the stock.
Abu Dhabi fell 0.2 percent as Dana Gas sank 3.8 percent after a London High Court judge adjourned hearings on its $700 million of Islamic bonds to mid-November.
The company is fighting sukuk holders in courts in Britain and the United Arab Emirates, arguing it does not need to redeem the instruments because they have become invalid; some equity investors have been hoping the hearings will result in a settlement that benefits the firm.
Qatar’s index was almost flat. Qatar National Bank , which last week reported solid third-quarter earnings, climbed
1.2 percent.
Egypt’s index edged up 0.1 percent. GB Auto surged 9.7 percent in unusually heavy trade.