Most Gulf markets slip on emerging market woes; energy lifts Qatar

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Most Middle Eastern stock markets slipped on Tuesday as emerging markets slumped globally, although Abu Dhabi and Qatar rose marginally, boosted by banks and energy stocks.

The Saudi Arabian index <.TASI> reversed early gains to end 0.7 percent lower, weighed down by banks and petrochemicals. Most petrochemical stocks had risen in morning trade after Brent oil prices hit their highest in four years.

Eight of 14 petrochemical stocks closed lower with the biggest, Saudi Basic Industries <2010.SE>, falling 0.2 percent.

National Commercial Bank <1180.SE> was the largest drag on the index, slipping 2.7 percent, while Samba Financial Group <1090.SE> dropped 2.6 percent.

Egypt’s blue-chip index <.EGX30> was down 0.5 percent, hit by a 1.1 percent fall by Commercial International Bank <COMI.CA> and a 3.7 percent drop in Eastern Co <EAST.CA> to 17.40 Egyptian pounds after CI Capital cut its target price for the stock by 15 percent to 18.5 pounds.

Cairo for Investment and Real Estate Development Co <CIRA.CA>, which had jumped 24 percent on its first day of trading on Monday, last traded at 7.07 pounds, barely changed.

In Qatar, the index <.QSI> inched up 0.3 percent, helped by a 3.3 percent rise in drilling rig provider Gulf International Services <GISS.QA>, its sixth straight daily gain; rising oil prices have boosted it more than 13 percent since mid-September.

Commercial Bank <COMB.QA> was the top gainer in the index, rising 2.0 percent.

The Dubai index <.DFMGI> dropped 0.4 percent, pulled down by real estate stocks amid profit-taking after the sector had rebounded moderately in the last few days. Emaar Properties <EMAR.DU> fell 1.2 percent.

Loss-making construction firm Drake and Scull <DSI.DU>, which has tumbled more than 80 percent this year, jumped 14.8 percent in heavy trade ahead of its shareholder meeting this Thursday, which is expected to discuss ways to strengthen the company.

Abu Dhabi’s index <.ADI> was up 0.3 percent with Dana Gas <DANA.AD> climbing 2.6 percent. The company said on Monday it had received an additional $59.5 million dividend payment from its joint venture operations in Iraq’s Kurdistan.

(Reuters)

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