MIDEAST STOCK MARKETS
tight,” said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi.
Dubai’s index slipped almost one percent, dragged down by Emaar Properties which has the largest weighting on the benchmark. The Dubai developer lost 1.9 percent. The Saudi index was also flat as gains by the Kingdom’s largest listed lender helped offset losses by petrochemical, cement and retail stocks. National Commercial Bank, the kingdom’s largest listed lender, climbed almost five percent.
But Saudi Basic Industries Corp, one of the world’s largest petrochemicals group lost 0.6 percent. Saudi Cement, one of the kingdom’s largest cement firms by market value, declined 1.5 percent. Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co was down 2.5 per cent. Kuwait’s index rose 0.27 percent, lifted by the country’s biggest telecoms operator by subscribers, Zain . Zain jumped 2.44 percent to 420 fils. The ex-monopoly, which operates in eight countries in the Middle East and Africa, has risen