JEDDAH: Saudi Arabia's index edged higher Tuesday, halting a three-session losing streak, but a lack of local catalysts has left the market largely directionless in the short term. The stock benchmark rose 0.26 percent to 6,651.37 points, rising from Monday's week-low. However, Saudi Telecom and Saudi Basic Industries Corp. (SABIC) slipped 0.3 and 0.2 percent respectively. The agriculture and food sector climbed 0.3 percent, recovering some of Monday's losses. Food stocks had been seen as a safe haven by investors following declines in oil prices and global stocks, with the sector's index hitting a three-month high last week. National Agriculture climbed 0.4 percent and Saudi Dairy & Foodstuff Co added 1.2 percent. "Local news headlines have been on the lighter side and therefore focus has shifted to international markets," said Amro Halwani, a senior trader at Shuaa Capital in Riyadh. "We're currently in a directionless market and speculator's are a big part of it." Elsewhere in the Gulf, Bargain hunters lifted UAE bourses from Monday's five-week low as investors again bet on the country being upgraded by index compiler MSCI at its June review. "Investors for the most part are looking out for the MSCI news - that's really what's driving things right now across the region," said Tarek Lotfy, Arqaam Capital's head of MENA equities. MSCI will next month announce whether the UAE and Qatar will be upgraded from frontier market status. Dubai's index DFM climbed 1 percent to 1,578 points. Construction and property stocks rose, with Deyaar adding 0.7 percent and Arabtec gaining 3.8 percent. Abu Dhabi's benchmark ADI rose 0.4 percent to 2,651 points. Aldar Properties climbed 1.4 percent and Sorouh Real Estate added 1.5 percent. Volumes were expected to drop. "We're coming into summer so things may quieten down," said Lofty. Meanwhile, Qatar's index QSI fell to a one-week low, dropping 0.6 percent to 8,626 points. Qatar Telecom and Masraf Al Rayan slipped 3.3 and 2 percent respectively. Oman's index MSI fell to a fresh 10-month low as weak volumes continued to plague the market. The benchmark slipped 0.2 percent to 6,121 points, its lowest close since Jul 22 and eighth straight decline. Bank Muscat and Bank Sohar fell 0.3 and 0.7 percent respectively. Kuwait's benchmark KWSE climbed 0.4 percent to 6,496 points, rising for a second day.
