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MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade
January 4, 2017 / 8:06 AM / a year ago

MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade

DUBAI, Jan 4 (Reuters) - Profit-taking weighed on Gulf stock markets in early trade on Wednesday while Qatar’s index remained relatively resilient.

Abu Dhabi’s index pulled back 0.6 percent with Abu Dhabi Commercial Bank, which had closed 4.4 percent higher on Tuesday, dropping 1.4 percent.

Dubai’s main index edged down 0.2 percent as builder Drake & Scull retreated 1.4 percent and peer Arabtec pulled back 2.9 percent.

But Dubai Islamic Bank was up 0.4 percent after saying it had completed the sale of its stake in Jordan Dubai Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Co. DIB held 20.8 percent in the Jordanian bank; the value of the sale was not disclosed.

In Riyadh, the index edged down 0.1 percent in early trade as most large-cap shares lagged, with petrochemical producer Saudi Basic Industries down 0.5 percent.

Shares in mid-sized Advanced Petrochemical fell 0.2 percent after the company, the first to publish fourth- quarter earnings in the kingdom, reported quarterly net income of 210 million riyals ($56 million), up 44 percent from a year ago and beating NCB Capital’s estimate of 198 million riyals.

Qatar’s index added 0.1 percent after the previous session’s 1.6 percent rise. Real estate developer United Development was the chief gainer, adding 2.1 percent.

A monthly Reuters survey of leading Middle East fund managers at the end of December found them bullish on regional equities in general, especially the UAE and Qatar, where they intended to capture high annual dividend yields. (Reporting by Celine Aswad; Editing by Andrew Torchia and Raissa Kasolowsky)

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