Regional bourses flat on midday trade

Gulf stock markets moved little in early trade on Wednesday with few positive factors to spur buying, although Saudi Arabian petrochemical shares were firm.

The Saudi Arabian index was flat. Petrochemical heavyweight Saudi Basic Industries added 0.6 per cent and Al Sagr Cooperative Insurance rose 2.2 per cent in unusually heavy trade.

Dubai’s index edged down 0.2 per cent. Construction firm Drake & Scull climbed 1.2 per cent in active trade; on Monday a top executive told Reuters that the company had asked advisers for proposals to review its business and find strategic investors.

On Wednesday it issued a brief statement to the exchange saying it had not hired a legal adviser to help bring in a strategic investor, but did not comment further on the review.

Qatar’s index edged up 0.1 per cent after sliding 0.9 per cent on Tuesday. Seven of the 10 most heavily traded stocks were higher.

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