Saudi market reverses some losses

DUBAI, Sept 09 (Reuters): Gulf stock markets closed on a positive note on Sunday, reversing some of their losses earlier in the day.

The Saudi index in particular ended up gaining 0.6 per cent, after having plunged last week on foreign investors' concerns over emerging markets volatility.

The country's main stock index fell below major technical support for the first time this year last week.

Sunday's pick up was mostly due to local institutions, rather than local retail investors or foreign buyers, said Talal Samhouri, head of asset management at investment company Amwal.

"Local institutions are trying to shore up prices given last week's decline," he said.

Gains were across the board, with Dar Al Arkan Real Estate Development Co registering the highest trading volume and gaining 0.3 per cent, followed by Alina Bank, up 0.6 per cent.

Blue-chip Saudi Basic Industries Corporation (SABIC) climbed 1.7 per cent, following a steadying in oil prices at the end of last week, when Brent crude futures settled up 33 cents at $76.83 a barrel.

Shares in Saudi Arabia's Nada Chemicals dropped 0.5 per cent after the company said it would halt production at some of its units for periods of about seven or 15 days for scheduled maintenance.