Gulf stock markets were mixed in narrow ranges and moderate volumes yesterday, with investors cautious before Britain’s European Union referendum.
Egypt resumed sliding after it broke major technical support earlier this week.
Saudi Arabia’s index dropped 0.3%.
Some banks were weak, with Saudi Hollandi Bank down 2.8%.
Saudi Basic Industries, the Gulf’s largest listed petrochemical producer, added 0.3% as oil prices rose.
Arabian Pipes jumped its 10% daily limit for a second straight day in its heaviest trading since early 2005. In Abu Dhabi, Union National Bank jumped 4.4% in a second day of strong gains, after Arqaam Capital said in a note on Tuesday that following the proposed merger between National Bank of Abu Dhabi and First Gulf Bank, “we expect UNB to be next”.
It said Abu Dhabi Commercial Bank might offer a substantial premium to UNB shareholders in a merger; ADCB shares rose 2.8% yesterday.
NBAD, which soared earlier this week, rose a further 1.7% while FGB fell 1.6%.
The main Abu Dhabi index edged down 0.1%.
Dubai’s index climbed 1.0% with Dubai Parks and Resorts, the most heavily traded stock, surging 4.1% to 1.54 dirhams.
The company is in an uptrend before the opening of its first theme parks later this year in Dubai, but the stock now exceeds the 1.47-dirham median target price of three analysts surveyed by Reuters.
Cairo’s main stock index dropped 1.3% to 7,156 points.
It has been technically bearish since it broke earlier this week below its April and May lows, triggering a head & shoulders pattern pointing down to the 6,700 point area.
Asec Company for Mining sank 2.8% after reporting that it swung to a consolidated loss in the first quarter from a year-earlier profit.
Its parent company Qalaa Holdings sank 6.3%.
Elsewhere in the Gulf, the Kuwait index fell 0.5% to 5,409 points, the Oman index edged up 0.01% to 5,789 points and the Bahrain index dropped 0.3% to 1,113 points.