February 27, 2017 / 2:47 PM / 5 months ago

MIDEAST STOCKS-Gulf falls on profit-taking; Egypt down on Q4 results

3 Min Read

* Saudi index falls towards technical support

* Riyad REIT slumps by daily limit

* Banking, petrochemical sectors weak

* Egypt's Global Telecom drops after Q4 results

By Celine Aswad

DUBAI, Feb 27 (Reuters) - Profit-taking dragged stock markets in the Middle East down on Monday, with Egypt lagging after some quarterly earnings failed to inspire.

Saudi Arabia's index lost 1.1 percent to 6,969 points, heading back down towards technical support at the mid-February low of 6,942 points. A little under nine-tenths of traded shares declined and trading volume was above the 10-day average.

All 14 listed petrochemical makers closed down with National Industrialization Company (Tasnee) the biggest loser, dropping 4.8 percent.

Banking shares were also weak. All but one dropped with Saudi British Bank losing 4.6 percent.

Real estate investment trust Riyad REIT, which had jumped 9.4 percent on Sunday, slumped by its 10 percent daily limit in heavy trade.

Dubai's index edged down 0.3 percent in very thin trade as the largest real estate developer, Emaar Properties , fell 0.9 percent.

Its retail unit, Emaar Malls, rose 0.8 percent after its board recommended paying a cash dividend of 0.1 dirham per share for 2016, the same as in 2015.

In Abu Dhabi, the index fell 0.6 percent with blue chips Aldar Properties closing 1.6 percent lower and Abu Dhabi Commercial Bank dropping 2.7 percent.

The Qatari index closed flat with Qatar Islamic Bank adding 2.5 percent.

In Cairo, the index fell 2.0 percent as Global Telecom Holding declined 3.8 percent.

The company reported a fourth-quarter net profit of $7 million, swinging from a net loss of $12 million, but that was attributed mainly to one-off items, lower impairments for equipment and a foreign exchange gain.

Analysts at Naeem Brokerage said the results fell short of expectations because of declining margins and intensified competition in Algeria.

Monday's Highlights

Saudi Arabia

* The index dropped 1.1 percent to 6,969 points.

Dubai

* The index fell 0.3 percent to 3,633 points.

Abu Dhabi

* The index declined 0.6 percent at 4,629 points.

Egypt

* The index lost 2.0 percent to 12,024 points.

Kuwait

* The index edged down 0.4 percent to 6,781 points.

Qatar

* The index inched up 0.02 percent to 10,939 points.

Oman

* The index fell 0.2 percent to 5,821 points.

Bahrain

* The index was flat at 1,350 points.

Editing by Andrew Torchia and John Stonestreet

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below