* Dubai index breaks technical support, triggers double top
* DFM shares tumble; Arabtec slide could hurt commissions
* Abu Dhabi's Etisalat up on royalty announcement
* Qatar's Al Meera, Nakilat move sharply on Q4 earnings
* Zain Saudi rises on unified licence
By Andrew Torchia
DUBAI, Feb 21 Dubai's stock market fell on
Tuesday, breaking technical support as construction firm Arabtec
continued to slide, while Egypt rebounded from a drop triggered
by foreign investors' selling.
Dubai's index sank 1.2 percent to 3,560 points,
confirming a break of support on the mid-February low of 3,608
points; this triggered a double top formed by the January and
February peaks and pointing down to around 3,500 points.
Arabtec, which plunged its 10 percent daily limit
to a five-year low on Monday, slid a further 6.7 percent. The
company reported a week ago that its net loss had widened in the
fourth quarter and that its board was seeking shareholder
approval for a 1.5 billion dirham ($408.4 million) rights issue.
Shares in Dubai Financial Market (DFM) tumbled 5.3
percent. Many individual investors have been hurt by Arabtec's
plunge and if they withdraw from the stock market, DFM's
commissions could be hurt by the decline in trading volumes.
Abu Dhabi climbed 0.6 percent as telecommunications
firm Etisalat rose 2.2 percent. The company said it
would pay the federal government a royalty of 30 percent of
profits for 2017-2021, the same rate as in 2016.
Qatar edged up 0.2 percent as Al Meera Consumer Goods
jumped 5.3 percent after saying its 2016 net profit
climbed to 199.2 million riyals ($54.7 million). It proposed a
dividend of 9 riyals per share.
Qatar Gas Transport Co (Nakilat) slipped 5.1
percent after its fourth-quarter net profit fell to 207 million
riyals; QNB Financial Services had predicted 241 million riyals.
The company's board recommended a lower cash dividend.
Saudi Arabia's index edged down 0.2 percent but
telecommunications firm Zain Saudi rose 1.1 percent
after it said the government had issued it a unified licence
allowing it to provide all telecommunications products.
The Capital Market Authority announced last October that
under economic reforms to cut Saudi Arabia's dependence on
oil, the government would provide operators with unified
licences letting them offer a full range of services.
Real estate investment trusts were very strong in unusually
high trading volumes, with Riyadh REIT and Aljazira
REIT surging to their 10 percent daily limits.
In Egypt, the index rebounded 1.7 percent after
dropping 0.8 percent on each of the two previous days. However,
bourse data showed foreign investors remained net sellers of
stocks. They have been selling in recent days as appreciation of
the Egyptian pound has made local stocks more expensive in
dollar terms and offered currency gains.
Palm Hills Development jumped 5.9 percent after
saying it had signed to co-develop an integrated community in
the Alexandria governorate on a revenue-sharing basis, with the
project to be launched before year-end.
* The index fell 0.2 percent to 7,058 points.
* The index sank 1.2 percent to 3,560 points.
* The index rose 0.6 percent to 4,608 points.
* The index rose 0.2 percent to 10,934 points.
* The index rebounded 1.7 percent to 12,658 points.
* The index fell 0.2 percent to 6,766 points.
* The index was flat at 5,852 points.
* The index fell 0.4 percent to 1,320 points.
(Editing by Gareth Jones)