MIDEAST STOCKS-Gulf stocks move little after oil slump – Reuters

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Stock markets in the Gulf moved
little in thin trade on Sunday morning after oil prices slid
almost 3 percent on Friday and as investors awaited second
quarter results.

The Riyadh index was flat after 40 minutes of trade
as 97 shares rose and 44 declined.

The petrochemical sector was mixed with shares of
polypropylene maker Advanced Petrochemical falling 0.8
percent after reporting a 1 percent increase in second-quarter
net profit from the prior year period to 194 million riyals
($51.73 million). NCB Capital had predicted Advanced to make a
net profit of 133 million riyals.

Shares of Yanbu National Petrochemical were up 0.6
percent.

Dubai’s index was down 0.1 percent as 10 shares
declined and 13 shares rose. Large-cap developer DAMAC
Properties lost 1.8 percent and theme park operator
DXB Entertainments fell 0.9 percent.

In neighbouring Abu Dhabi, the index edged down 0.2
percent, weighed down by a 2.9 percent decline in shares of
natural gas explorer Dana Gas.

On Thursday Dana fell 1.4 percent after sources told Reuters
that London’s High Court planned to hold a full hearing in
September on efforts by the company to restructure $700 million
of its Islamic bonds.

In Qatar, the index barely moved as seven of the 19
blue chips rose and eight declined. Oil drilling service
provider Gulf International Services was up 1.3
percent while liquefied natural gas transporter Qatar Gas
Transport was down 0.8 percent.

($1 = 3.7500 riyals)
(Reporting by Celine Aswad)