A rebound by Dubai builder Arabtec lifted the mood of investors in United Arab Emirates stock markets Monday, while other bourses in the Middle East moved very little as oil once again halted its advance.
Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was pumping near a record high of 10 million barrels per day, adding to concerns about global oversupply.
Petrochemicals giant Saudi Basic Industries slipped 0.5 percent but the kingdom’s main stock index added 0.1 percent thanks to foodmakers Savola Group and Almarai.
Savola surged 6.7 percent to 73.75 riyals after plunging 10.1 percent in the previous two sessions.
NBK Capital Sunday upgraded the stock to “hold” from “sell,” raising its fair value estimate 10 percent to 77.00 riyals on an improved medium-term outlook.
Dairy firm Almarai rose 5.3 percent Monday after Egyptian newspaper Al Borsa reported that the company planned to invest $400 million in the country.