Gulf markets rise, government reshuffle buoys Saudi index

Most major Gulf stock markets rose on Sunday in response to a modest recovery on Wall Street and in oil prices at the end of last week, while a sweeping reorganisation of Saudi Arabia's economic policy-making apparatus boosted shares there.
The Saudi stock index closed 0.2 percent higher after rising as much as 1.0 percent at one stage. Petrochemical blue chip Saudi Basic Industries gained 0.3 percent.
The Saudi reorganisation replaced the oil minister and central bank governor and restructured some major ministries, creating a super-ministry under Khalid al-Falih to manage the growth of industry and resource extraction.
Many fund managers still have questions about how a wide-ranging economic reform programme unveiled on April 25 can be financed and whether it can be fully implemented, but local investors have been reacting bullishly.
State utility Saudi Electric climbed 1.8 percent.
Saturday's reshuffle moved the electricity portfolio to the new super-ministry; this could give fresh impetus to a restructuring of Saudi Electric, which has been discussed for years with little progress.
Insurers were also strong, with Saudi Arabian Co-operative Insurance jumping its 10 percent daily limit.
Dubai's index gained 0.6 percent to 3,326 points, bouncing from near technical support on the late March lows of 3,248-3,253 points, though trading volume was low.
Dubai Parks & Resorts, the most heavily traded stock, rose 2.3 percent. Trading in rights to a major share issue in the company began last week and will continue through next week.
Abu Dhabi's index gained 0.5 percent as Abu Dhabi Commercial Bank rebounded for a second day from a slump following its first-quarter earnings. The stock rose 1.3 percent.
Qatar edged down 0.2 percent although Dlala Brokerage added 2.7 percent in unusually heavy trade.
Kuwait's Burgan Bank rose 1.5 percent after reporting an 18.5 percent fall in first-quarter net profit to 14.3 million dinars ($47.66 million), largely because of lower foreign exchange income; HSBC had forecast the bank would make 12.68 million dinars. Kuwait's index edged down 0.1 percent.
Egypt rose 0.3 percent, buoyed by gains in a few blue chips such as Orascom Telecom Media, which was up 2.7 percent.