Gulf stocks move little but new listings surge on Saudi secondary market

Gulf stocks generally moved little in thin trade on Sunday but new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time.
The main Saudi index edged up 0.1 percent. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trade; Al Jazira climbed 9.8 percent and Riyad REIT gained 9.4 percent.
In the new Saudi Parallel Market, all seven stocks jumped their 20 percent daily limits. They included retailer Abo Moati Stationaries, restaurant operator Raydan Cuisines and Al-Omran Industrial and Trading Co.
In Qatar, the index also edged up 0.1 percent but Qatar Navigation (Milaha) dropped 4.5 percent after it swung to a surprise fourth-quarter net loss of 47.7 million riyals ($13.1 million); QNB Financial Services had forecast a profit of 142.4 million riyals.
Dubai's index rose 0.2 percent in the lowest trading volume since December 21. DAMAC Properties, the developer which earlier this month opened a Donald Trump-branded golf course and residential project in Dubai, added 1.4 percent to 2.91 dirhams in unusually heavy trade.
It rose above technical resistance at the April 2016 peak of 2.88 dirhams. The stock has surged from 2.17 dirhams at the time of the US presidential election in November.
Abu Dhabi's index was 0.1 percent higher as First Gulf Bank gained 0.7 percent. Kuwait's market was closed for a national holiday.
In Egypt, the index closed 0.2 percent higher, coming well off its intra-day high. Palm Hills Development rose 1.6 percent after local media said the company was obtaining a loan of 852 million Egyptian pounds ($54 million) from the National Bank of Egypt and National Bank of Abu Dhabi; the company subsequently said it was in talks with banks for such a loan but no agreement had been signed.
But Arab Cotton Ginning tumbled 8.0 percent as heavy profit-taking in the stock continued, and Global Telecomn lost 2.8 percent.