Saudi index buoyed by petrochemical shares, Halwani Bros jumps

Saudi Arabia's main index edged higher in early trade on Monday, buoyed by petrochemical shares a day after the energy ministry announced the discovery of four new oil and gas fields.

Saudi Basic Industries rose 0.6% and Saudi Kayan Petrochemical gained 0.8%, supporting a 0.1% rise in the benchmark index.

State-owned Saudi Aramco edged up 0.1% after the announcement that it had discovered oil in the Al-Ajramiyah well, northwest of the city of Rafhaa, with tests showing a rate of 3,850 barrels per day.

Halwani Brothers Company jumped 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.

The Dubai index was down 0.2%. Blue-chip developer Emaar Properties lost 0.8% while Damac Properties shed 1.5%.

DXB Entertainments was the biggest loser in percentage term, falling 4% to 0.095 dirham.

Its shares were due to see their fifth consecutive day of losses since filings showed Meraas, which owns more than half of the loss-making theme park group intended to make a conditional offer to acquire the remaining shares and take it private.

In Abu Dhabi, the index was up 0.2% with Emirates Telecommunications Group and First Abu Dhabi Bank gaining 0.3% and 0.2% respectively.

The Qatari index was trading down 0.1%. Qatar Fuel and the telecom company Ooredoo both fell 1%.