JEDDAH – Gulf stock markets settled in mixed territory Wednesday with Saudi stock benchmark Tadawul All Share Index slipping 0.13 percent to close at 6,998.34 points, hovering around the key psychological 7,000 level. “Everyone is watching the 7,000 level and wants the market to trade above that level this year,” said Abdullah Alawi, assistant general manager and head of research at Aljazira Capital in Jeddah. “Above 7,000 would indicate that we are in an uptrend, while anything below that could signal that we are in a lackluster trend.” Shares in Saudi Integrated Telecom plunged 7.3 percent to its a six-month low. Real estate stocks weighed with Emaar Economic City slipping 2.6 percent and Dar Al Arkan and Jabal Omar each shedding 1.2 percent. Elsewhere, Abu Dhabi index rose 1.1 percent to 2,783 points, Dubai index advanced 0.9 percent to 1,792 points, and Qatar gained 0.3 percent to 8,683 points. Kuwait index also climbed 0.2 percent to 6,203 points. Oman and Bahrain followed Saudi Tadawul's decline, with their indices slipping 0.3 percent to 5,820 points, and 0.3 percent to 1,070 points, respectively. Dividend seekers lifted Qatar's bourse to a 10-day high on Wednesday, while UAE markets also rallied in a lackluster session. – SG/Reuters
