Gulf markets little moved; Egypt slips

Dubai

Gulf stock markets were narrowly mixed yesterday as oil prices moved very little and bourses were shut for public holidays in the United States and much of Europe.

Saudi Arabia's index inched down 0.1 per cent and National Industrialization Co (Tasnee) was the main drag, dropping 2.3pc after its chief executive told Saudi Arabia's Al-Riyadh newspaper that its petrochemicals business faced increased competition from Chinese producers while the titanium business suffered from lower prices.

Oil shipper Bahri pulled back 2.6pc after surging 16pc between May 13 and 24 on news that freight rates from the Gulf to Japan had hit their 2015 highs and that the firm had ordered five new crude tankers.

But Saudi Arabian Mining Co (Ma'aden) jumped 2.7pc to 45.00 riyals after Al Rajhi Capital raised the stock's target price to 52.00 riyals from 41.00 riyals, citing its growing output and an improving business outlook.

Ma'aden said this month that its massive smelter run jointly with US group Alcoa, which had experienced several technical glitches on start-up, would produce above its initial capacity target this year.

Dubai's index edged up 0.4pc as most stocks rose. Builder Arabtec jumped 2.2pc after Egypt's government said a deal under which the company would build 1 million housing units in the country was still in the works, contrary to media reports on Sunday which had sent the stock down.

Abu Dhabi's bourse added 0.3pc on the back of telecommmunications firm Etisalat, which rose 0.4pc. Qatar's benchmark edged down 0.4pc,  while Egypt's index fell 0.8pc to 9,051 points after gaining 3.4pc in the two previous sessions. But the benchmark was well above technical support at 8,860 points, its early May peak, which it surpassed this week.

Kuwait index slipped 0.1pc to 6,304 points, Bahrain fell 0.6pc to 1,364, while Oman index inched up 0.04pc to 6,378 points.