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Tue 3 Nov 2009 09:50 AM

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SABIC, banks weigh on Saudi index

UPDATE 6: Dubai's DFM slips 5% while most other Gulf benchmarks also decline.

Saudi Arabia's index ended lower in line with regional counterparts, as part of a market correction.

Heavyweight Saudi Basic Industries Corp (SABIC) ended 3.9 percent lower.

Al Rahji Bank fell 2 percent. Other financials also weighed, with Samba Financial Group falling 1.9 percent and Riyad Bank ending 1.4 percent lower.

The benchmark TASI ended 1.4 percent lower at 6,283 points.

Bluechips were among the biggest losers on Dubai's index, which fell by more than 5 percent for the second time this week.

Emaar Properties

slumped 7.3 percent and

lost 6.2 percent. Dubai Financial Market retreated 9.4 percent.

"Generally speaking the outlook for shares is still in doubt," said Chamel Sahmy, regional senior sales trader at Beltone Financial.

"There are still a number of fronts that could deteriorate. The correlation with international markets is affecting our performance and volatility will persist."

The index ended 5.03 percent lower at 2,075 points, its fifth decline in six sessions.

Several Gulf Arab markets ended lower as caution dominated regional markets after declines earlier this week.

Qatari bluechips dragged the index to a lower close, down 1.4 percent at 6,933 points.

Qatar Gas Transport Co

fell 2.6 percent.
Commercial Bank of Qatar

ended 1.75 percent lower,
Qatar National Bank

, the country's largest lender, declined 1.45 percent, and
Qatar Islamic Bank

declined 1.7 percent.

Kuwait's index also followed the regional trend and ended 0.2 percent lower at 7,242 points, and Oman's benchmark ended marginally lower at 6,329 points after making gains earlier in the session.

Only Bahrain's measure bucked the trend and ended higher, rising 0.2 points to 1,508 points. (Reuters)

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