World Economy

Saudi Markets Mostly Sluggish

Saudi Markets Mostly SluggishSaudi Markets Mostly Sluggish

Petrochemical shares boosted Saudi Arabia’s stock market early on Sunday on the back of strong oil prices but most share markets in the Persian Gulf Arab States were barely changed, Reuters reported. The main Saudi equities index edged up 0.2% in the first half-hour as petrochemical blue chip Saudi Basic Industries climbed 1.2% to 84.50 riyals. It faces technical resistance at 86-87 riyals, the top of the range in which it has been trading since April. Dubai’s stock index also bucked the general flat trend, gaining 0.3% to 3,583 points, rising again to near technical resistance at its April peak of 3,605 points. Qatar’s index was flat.