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Gulf stocks mixed on concerns
Published in The Saudi Gazette on 30 - 05 - 2011

JEDDAH: The Saudi stock benchmark Tadawul All Share Index (TASI) managed to gain 0.05 percent at close Sunday to 6,754.82 points, even as petrochemical stocks early in the day halted three positive sessions as investors booked profits.
Saudi Basic Industries Corp slipped 0.2 percent and Rabigh Refining and Petrochemical Co dropped 0.4 percent. The petrochemical index fell 0.2 percent, easing from Saturday's three-week peak.
Tabuk Agriculture posted the largest advance (up 9.77 percent at SR33.70). Petrochemical giant SABIC dipped 0.23 percent, closing at SR107.50 after Credit Suisse downgraded SABIC to ‘neutral' rom a technical point of view, we are testing the resistance range of 6,750 and 6,800 - if we trade above it, we have a chance to go higher but it looks very difficult," said a Riyadh-based fund manager on condition of anonymity.
"Banks and telecoms could give us the momentum to break it, but we don't have this yet."
Elsewhere, Muscat's index MSI neared a 22-month low, while construction and property stocks led Dubai's index to a higher close.
Oman's Renaissance Services fell for third day, dropping 3.7 percent.
Company officials met with analysts on Tuesday and issued a bleak outlook for 2011, according to analysts, with some expecting the company to cancel a planned listing of its unit Topaz, which was postponed in March.
Muscat's benchmark dropped 0.5 percent to end at 5,953 points, its lowest close since July 2009.
"We expect the index to stabilize at current levels, as the (technical) indicators are positive," said Osama Ibrahim Al Qinna, head of brokerage at Oman Arab Bank. "Although investors remain cautious in this volatile environment, we have noticed that market volumes are strongly supported by bluechip stocks."
Oman Telecommunications Co (Omantel) climbed 2.1 percent and National Bank of Oman added 0.6 percent, but Bank Muscat slipped 0.1 percent and Galfar Engineering tumbled 4.4 percent.
Dubai's Emaar Properties gained 2 percent after its Saudi affiliate Emaar Economic City received $1.33 billion loan from the Kingdom's finance ministry to speed up construction of a project. Contractor Arabtec , which is active in Saudi Arabia, climbed 3.2 percent.
Dubai's benchmark gained 0.7 percent to close at 1,545 points, rising for a second session since Wednesday's two-month low.
Abu Dhabi' s benchmark ADI rose 0.4 percent to 2,608 points, rallying after slumping to a seven-week intraday low in early trade.
Aldar Properties led by volumes and rose 2.2 percent, while Sorouh Real Estate gained 1.6 percent.
Abu Dhabi Commercial Bank climbed 2.6 percent, rising from Thursday's month-low, when it converted AED4.8 billion ($1.31 billion) bonds issued in 2008 into 785.6 million shares, raising its capital level.
Banks helped lift Qatar's index QSI rose for a second session since Wednesday's one-month low.
Qatar National Bank climbed 0.3 percent and Commercial Bank of Qatar gained 0.6 percent.
The benchmark rose 0.1 percent to 8,410 points.
Qatar and UAE markets will trade within a narrow range as investors wait on next month's review by index compiler MSCI, said Sebastien Henin, portfolio manager at The National Investor. MSCI will announce whether it will upgrade the two countries to emerging market status, a move that would likely boost liquidity on local markets.


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