Wednesday, 8 February 2012 at 13:00, Reuters
Dubai builder Arabtec slumps in early trade, weighing on Dubai's index. (AFP)
Petrochemical stocks advance over rising fuel costs and bank stocks support, helping the kingdom's index edge higher.
Heavyweight Saudi Basic Industries Corp rises 0.5 per cent and Advanced Petrochemical gains 0.7 per cent.
The petrochemical index is up 0.4 per cent.
U.S. crude futures gained $1 on Wednesday, bolstered by a sharp drop in U.S. crude inventories.
Banks also advance, led by Al-Rajhi Bank which gains 0.7 per cent, while Samba Financial Group climbs 0.6 per cent.
The index edges up 0.3 per cent to 6,763 points.
Meanwhile, Dubai builder Arabtec slumps in early trade, after having surged by as much as 70 per cent so far this year, weighing on Dubai's index, reported at 0645GMT
Arabtec falls 4 per cent. The company is yet to make any announcement on the surge in share price in the recent weeks.
"There's a lot of speculation going on at the moment," says Samer al-Jaouni, general manager of Middle East Financial Brokerage Co.
"After rising 70 per cent, I don't think there will be a lot more investors buying into Arabtec."
Other property stocks also retreat with Deyaar dropping 2 per cent and Emaar Properties slipping 0.4 per cent.
The index is down 0.8 per cent at 1,462 points.
Neighbouring Abu Dhabi also retreats in early trade, slipping 0.06 points to 2,467 points. Aldar Properties drops 1 per cent.
In Qatar, the index slips 0.1 per cent.
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