Gulf bourses mixed in early, thin trade

DUBAI - 2 October 2017: Stock markets in the Gulf were mixed in narrow ranges during early trade on Monday as investors lacked fresh news to move funds aggressively.

The Saudi index was flat after 45 minutes. Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since Sept. 25, tumbled 2.4 percent.

The company on Monday issued a statement saying it was still waiting for authorities to grant it a unified licence, which would enable Atheeb to obtain a loan to build its spectrum and pay its dues to the telecommunications regulator.

Qatar’s index stabilised but stayed near a five-year low. Oil and gas drilling service provider Gulf International Services was one of the worst performers, down 2.8 percent, but lender Masraf Al Rayan was up 1.0 percent.

Kuwait’s main index fell 0.3 percent and was the region’s worst performer. Some shares continued to be bid up, however, after rising on Sunday after index compiler FTSE decided to upgraded Kuwait to secondary emerging market status; the region’s largest warehousing company, Agility, added a further 1.0 percent.

The Dubai index rebounded 0.3 percent as Air Arabia gained 2.6 percent.