Mideast stocks pared gains in early trading on Sunday, while Saudi Arabian Mining Company (Ma’aden) helped Saudi Arabia’s stock index, but Dubai’s market remained flat.
Ma’aden was up 2.6 per cent after the company said on Dec. 6 that the firm will start commercial production on Sunday at its plant producing aluminium flat rolled products.
Ma’aden Rolling Company is 74.9 per cent owned by Ma’aden and 25.1 per cent owned by Alcoa.
Al Rajhi Bank gained 0.1 per cent, while Jabal Omar Development Co added 0.6 per cent.
The main Saudi index was up 0.3 per cent within the first hour of trading, reports Reuters.
After plunging to its lowest level in more than five years on Thursday, the Dubai index regained ground in early trading before dipping by 0.1 per cent later.
Dubai Islamic Bank lost 0.4 per cent, while DAMAC Properties, which last month reported a 68 per cent plunge in third-quarter net profit, slipped 1.7 per cent.
In Abu Dhabi, the main index lost 0.3 per cent, weighed down by banking giant First Abu Dhabi Bank, which sank 0.6 per cent.
In Qatar, the index added 0.4 per cent, with Industries Qatar rising 1.1 per cent.