Petchems weigh on Saudi index

investors booked profits ahead of the next expected rally on Saudi TASI
Petchems weigh on Saudi index
MARKET WOES Dubai stocks came under selling pressure on Monday amid weak volumes (Getty Images)
By Reuters
Mon 10 Jan 2011 12:44 PM

Saudi Basic Industries Corp retreated, weighing on Saudi Arabia's index TASI
as investors booked profits ahead of the next expected rally on the bourse.

Heavyweight SABIC fell 0.9 percent and Saudi International Petrochemical Co (Sipchem)
fell 1.1 percent.

"The index hit the 6,750 level which is a very strong resistance so
this is leading to some strong profit-taking," said Musa Haddad, head
trader in National Bank of Abu Dhabi's asset management group.

"This is only short-term and the market is likely to pick up

The index ended 0.8 percent lower at 6,668 points.

Emaar Properties and Air Arabia slipped in Dubai, weighing on the index DFM while
Abu Dhabi's benchmark ADI also ended lower.

Emaar fell 0.6 percent and Air Arabia declined 0.7 percent, and the index
ended 0.4 percent lower at 1,659 points.

In Abu Dhabi, Aldar Properties fell 2 percent, extending losses. The
benchmark slipped 0.3 percent to 2,755 points.

Several Gulf bourses ended lower on Monday but trading was mostly sideways
in the run-up to fourth quarter earnings disclosures.

Banks dragged Oman's index MSI lower, as Bank Muscat fell 0.9 percent and
National Bank of Oman slipped 3.1 percent. The benchmark ended 0.5 percent
lower at 6,917 points.

Kuwait's measure KWSE slid 0.3 percent to 6,947 points, and Qatar's
benchmark QSI retreated 0.3 percent as well, dropping below the psychological
9,000 level to 8,994 points. Bahrain's market BAX ended almost flat at 1,429

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.