* Oil near 1-year high boosts Saudi petrochemical sector
* But Riyad Bank retreats on drop in Q3 profit
* Qatar National Bank edges up after strong Q3 results
* Dubai's Drake and Scull surges for second day on new CEO
* Abu Dhabi lags peers, banks are main drag
* Uncertainty grips Egypt over Saudi's suspension of oil
By Celine Aswad
DUBAI, Oct 11 Most major bourses in the Gulf
rose on Tuesday as oil prices held near one-year highs, while
Egypt retreated after news that Saudi Arabia had suspended oil
product supplies to the country this month.
Riyadh's stock index gained 1.5 percent, trimming
its loss over the last four weeks to 8.4 percent. All 14 listed
petrochemical producers advanced after Brent oil futures
surged as much as 3 percent on Monday. Saudi Basic Industries
, which has not yet reported its third-quarter results,
added 0.6 percent.
The positive mood spilled into other sectors with rebounds
in some shares that had been beaten down over the last several
weeks by the government's spending cuts. Retailer Fawaz Alhokair
jumped 3.9 percent and supermarket operator Al Othaim
added 3.4 percent.
But Riyad Bank, the first Saudi bank to report
third-quarter earnings, dropped 2.1 percent after it posted an
18.9 percent fall in net profit as costs rose.
It made 729 million riyals ($194.4 million) in the three
months to Sept. 30, down from 899 million riyals in the same
period of 2015. Analysts polled by Reuters had on average
forecast 1.05 billion riyals.
In Qatar the main index closed up 0.3 percent as
Qatar National Bank, the largest listed share, gained
0.5 percent after it reported a 10.2 percent increase in
third-quarter net profit to 3.45 billion riyals ($947.5
million). Aalysts had forecast 3.26 billion riyals.
Dubai's main index rose 1.0 percent as nine-tenths
of traded stocks advanced. Drake & Scull, the most
heavily traded stock, jumped 4.2 percent; the builder had surged
7.0 percent on Monday after appointing a new chief operating
officer, Wael Allan, replacing Khaldoun Tabari, a major
Emaar Properties climbed 0.6 percent. On Monday
the developer started building what it said would be the world's
tallest tower, another record for a company that built the
highest skyscraper, Burj Khalifa.
Blue chips helped lift Kuwait's general index 1.1
percent. National Bank of Kuwait, the largest Kuwaiti
lender, rose 1.7 percent and telecommunications operator Zain
added 1.5 percent.
But Abu Dhabi's index lagged, dipping 0.3 percent.
Large-cap banks were the main drag with First Gulf Bank
dropping 1.7 percent.
Egypt's main index retreated 1.6 percent to 8,233
points with investment firm Qalaa Holdings tumbling
5.3 percent, taking its loss over the last three days to nearly
20 percent after it reported a sharply wider quarterly net loss.
All but three of the traded shares in the index declined.
The largest lender, Commercial International Bank,
fell 1.5 percent.
Saudi Aramco informed the Egyptian General Petroleum
Corporation, Egypt's state oil company, in early October that it
would halt the supply of refined oil products to Egypt, a
government official told Reuters on Monday.
"The market reacted negatively to the news about Aramco
stopping its supply of petroleum products, and this, coupled
with the fact that the index failed to break the resistance
barrier of 8,500 points, led to profit-taking," said Ibrahim
Nimr, head of technical analysis at Cairo-based Naeem Brokerage.
Wafik Dawood, portfolio manager at Cairo's Compass Capital,
said of Saudi Aramco's decision: "The uncertainty about whether
this is a one-off event or will be the new status quo is what is
creating volatility in the market."
* The index gained 1.5 percent to 5,656 points.
* The index rose 1.0 percent to 3,391 points.
* The index edged down 0.3 percent to 4,374 points.
* The index retreated 1.6 percent to 8,233 points.
* The index added 0.3 percent to 10,431 points.
* The index lost 0.1 percent to 1,130 points.
* The index added 1.1 percent to 5,350 points.
* The index edged up 0.3 percent to 5,704 points.
(Editing by Andrew Torchia/Mark Heinrich)