Saudi's consumer-related shares buck weak regional trend

DUBAI – 27 August 2017: Domestic demand-focused companies were the top performers in Saudi Arabia early on Sunday in an otherwise quiet stock market, while other bourses in the region were weak.

The Riyadh index was up 0.1 percent after half an hour of trade, with food producers particularly strong; dairy maker Almarai gained 0.7 percent and Saudi Fisheries rose 1.4 percent.

Bookstore and electronics retailer Jarir was up 0.3 percent after the company said it was opening a new store in Riyadh, its 40th outlet in Saudi Arabia.

Saudi Arabia Fertilizers Co fell 1.0 percent after its board proposed a first-half cash dividend of 0.75 riyal per share, down from 1.5 riyals for the first half of 2016.

In the United Arab Emirates, the Dubai index fell 0.4 percent as some shares favoured by speculative investors weakened, including Shuaa Capital, which dropped 2.4 percent.

Abu Dhabi’s index slipped 0.1 percent, dragged down by declines in blue chips; Aldar Properties fell 1.3 percent.

Qatar’s index dropped 0.7 percent, heading for its third straight session of losses; Islamic bank Masraf Al Rayan , the most heavily traded stock early on Sunday, was down 1.4 percent.