Complex Made Simple

Gulf bourses edge up in early trade, petchems buoy Saudi

Most major Gulf stock markets edged up in early trade on Wednesday in line with global bourses, as petrochemical producers led Saudi Arabia’s bourse.

The Saudi index, which surged 1.3 percent on Tuesday to a new high for the year, climbed 0.3 percent in the first 15 minutes.

The petrochemical sector index added 0.5 percent after oil prices rose overnight. Relatively small companies in the sector outperformed, with Petrochem up 4.1 percent.

Abu Dhabi’s index rose 0.3 percent on the back of a 1.1 percent gain by telecommunications firm Etisalat. Qatar was up 0.2 percent as Qatar Navigation QNNC.QA> added 1.1 percent.

Dubai’s index edged down 0.2 percent although Gulf Navigation rose as much as 1.9 percent after it said it had formed a partnership with SeaQuest, a Geneva-based firm providing ship and project management services. Gulf Navigation will use the tie-up to expand its business in these areas around the Middle East and Africa, it said.