* Commercial Bank jumps in Qatar
* Abu Dhabi supported by FGB and NBAD
* Saudi sees lowest trading volume since mid-October
* Riyad REIT jumps after two days of sharp falls
* Egypt's SODIC recovers
By Celine Aswad
DUBAI, March 1 Trading volumes in Middle Eastern
stocks were light on Wednesday, with relatively modest moves and
regional markets taking different directions.
Qatar's index rebounded 0.5 percent after dropping
2.2 percent in the previous session. All but one of the six
banks rose with Commercial Bank, the top gainer,
jumping 2.3 percent.
Abu Dhabi's index added 0.4 percent to 4,570 points
but closed 38 points below its intra-day high. Two banks which
are set to merge on April 1 closed substantially higher, with
First Gulf Bank up 1.8 percent and National Bank of Abu
Dhabi 1.4 percent higher.
Dubai's index fell 0.3 percent, although trading
volume more than halved from the previous session. The index has
been trading in a very tight range all week.
Shares in construction firm Arabtec, which have
dropped in seven of the last 10 sessions, fell 1.9 percent.
Trading volumes have fallen from very high levels last week.
A note by NBAD Securities said that generally disappointing
2016 full year earnings from companies in the United Arab
Emirates had dented risk appetite towards those markets, but
they were supported by lower valuations compared to other
emerging markets and regional peers.
Saudi Arabia's index closed 0.1 percent lower in the
lowest traded volume since mid-October; second- and third- tier
stocks were the chief movers, with Methanol Chemicals
losing 1.3 percent.
Real estate investment trust Riyad REIT jumped 9.6
percent after two days of sharp falls; shares in the REIT have
been very volatile in recent days as local day traders pile in
and out of it.
Egypt's index rebounded 0.5 percent. Real estate
developer SODIC climbed 2.5 percent; on Monday the
company reported a near doubling in fourth-quarter net profit
from a year earlier, as revenues for full-year 2016 reached an
* The index fell 0.1 percent to 6,967 points.
* The index fell 0.3 percent to 3,621 points.
* The index added 0.4 percent to 4,570 points.
* The index rose 0.5 percent to 11,999 points.
* The index lost 0.6 percent to 6,740 points.
* The index added 0.5 percent to 10,752 points.
* The index edged up 0.2 percent to 5,791 points.
* The index fell 0.4 percent to 1,344 points.
(Editing by Andrew Torchia and Alexander Smith)