Saudi drops on profit-taking

Other markets close higher

DUBAI, Sept 26, (RTRS): Saudi Arabian stocks dipped on Wednesday as investors booked profits, while shares in most other parts of the Middle East gained ground led by Egypt, where Commercial International Bank continued its recent surge.

Profit-taking in Saudi followed the index on Tuesday closing above its 200-day average, which analysts say is a positive technical signal for the market.

Market heavyweight Saudi Basic Industries Corp (SABIC) slipped 1.4 percent, while Saudi Arabian Mining Co (Ma’aden) and Savola Group, both fell 2.1 percent. The Saudi index dropped 0.2 percent.

In Dubai, bank and property stocks surged, helped in part by a recent Reuters report that the UAE Banks Federation was considering asking the central bank to relax mortgage lending rules to help stimulate the property market.

Emirates NBD, Dubai’s largest bank, surged 1.7 percent, while Dubai Islamic Bank gained 1.0 percent. Emaar Properties added 0.8 percent, helping the Dubai index climb 0.8 percent.

In Abu Dhabi, banks were also among the main movers. First Abu Dhabi Bank climbed by 1.3 percent and Abu Dhabi Commercial Bank gained 1.0 percent.

Abu Dhabi’s index climbed by 0.8 percent.

In Egypt, CBI added 1.9 percent, taking its climb in the last three days to 2.9 percent. Tobacco manufacturing company Eastern Company grew 4.5 percent. Egypt’s main index climbed 1.8 percent to its highest level since Sept. 18.

Saudi Arabia The index closed down 0.2 percent at 7,894 points

Dubai

The index closed 0.8 percent up to 2,776 points.

Abu Dhabi

The index rose 0.8 percent to 4,930 points.

Qatar

The index added 0.2 percent to 9,729 points.

Kuwait

The main index rose 0.06 percent to 5,337 points.

Bahrain

The index dropped 0.4 percent to 1,350 points.

Oman

The index rose 0.4 percent to 4,501 points.

Egypt

The index rose 1.8 percent to 14,612 points.