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SABIC, Al-Rajhi lead Saudi to lower close
Shares of Saudi Basic Industries (SABIC) fall 2.60 percent and Al-Rajhi Bank declines 0.59 percent, lead Saudi Arabia's main index to close lower.
The kingdom's index, the worst-performing measure in the Gulf Arab region, falls 0.88 percent to 8,942.89 points, declining for a third consecutive trading day.
Shares of Arabtec Holding and Sorouh Real Estate Co end lower on profit taking, reversing earlier gains after both companies posted record second-quarter net profits. Arabtec falls 3.31 percent helping drag Dubai's main index lower.
"Arabtec had a good run last week so its not a huge surprise that there was a correction," says Anne Marie Browne, foreign institutional sales manager at Al-Futtaim HC Securities.
Dubai's index declines 0.55 percent to 5,407.65 points. Shares of Emaar Properties slip 0.94 percent.
In Abu Dhabi, Sorouh Real Estate falls 0.42 percent after rising earlier in the day.
"The stock was bought heavily last Thursday," says Browne.
Emirates Telecommunications Co (Etisalat) falls 0.25 percent. Abu Dhabi's index eases 0.01 percent to 5,005.17 points.
Bahrain's main index falls for a fifth session in a raw led by Bahrain Telecommunications Co and Investcorp.
Qatar's benchmark also falls while that of Kuwait rises. Bahrain Telecommunications Co plunges 4.81 percent and Investcorp tumbles 6.98 percent after the investment bank's second-half profit slid 72 percent on declines in asset-based income.
The main index ends 0.71 percent lower at 2,799.49 points.
Qatar Islamic Bank and Qatar Shipping fall 1.17 percent and 1.91 percent respectively to lead the
country's main index lower by 0.21 percent to 11,758.06 points.
In Kuwait, the main index advances 0.16 percent to 14,912.30 points, led by Kuwait Projects Co which
rises 1.72 percent and National Mobile Telecommunications Co which climbs 1.89 percent.
Shares of Zain end 2.53 percent lower after the firm reported a 3.6 percent fall in second-quarter net profit.
Muscat's main index ends 3.17 percent lower, its biggest one-day fall in six months, led by shares of
Oman Telecommunications Co (Omantel) and Raysut Cement Co.
The measure, the best-performing index in the Gulf Arab region this year, falls to 11,178.58 points.
Omantel declines 3.49 percent and Raysut Cement tumbles 7.8 percent after the firm's net profit for the first half and the second quarter were below market expectations.
The company made a net profit of 8.67 million rials in second quarter, according to Reuters' calculations based on the company's financial data. This is below two forecasts of 10.20 million rials and 11.75 million rials in Reuters survey last month.
"One should think of re-entering this market now because valuations are low and the market is overreacting," says Syed Quadry, senior research analyst at Amwal Investment.
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