DUBAI Dec 14 Stock markets in the United Arab
Emirates and Qatar retreated in early trade on Wednesday as
investors took profits in blue chips that had surged earlier
this month, while Saudi Arabia's index moved little.
Dubai's index fell 1.1 percent to 3,585 points,
heading for a second straight session of losses; it dropped back
below technical resistance on its August peak of 3,624 points.
Air Arabia the only listed airline in the Gulf,
was the worst performer, down 2.2 percent. Real estate giant
Emaar Properties lost 1.2 percent.
Profit-taking also hit Abu Dhabi, dragging the index
down 1.0 percent. Telecommunciations operator Etisalat
fell 1.9 percent and National Bank of Abu Dhabi
dropped 1.5 percent.
Qatar's main index retreated 0.8 percent, after
being the region's top performer on Tuesday. The largest bank,
Qatar National Bank,lost 1.1 percent.
In Saudi Arabia the index, which fell over the
previous two sessions, managed to hold onto small gains, adding
0.05 percent after 45 minutes of trade. Large-cap lenders were
the main support, with National Commercial Bank adding
But petrochemical shares remained soft, with the sub-index
pulling back 0.3 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and