JEDDAH: Investors booked profits in petrochemical stocks as Brent crude futures fell on demand worries, but bank and telecoms gains supported Saudi stock benchmark Tadawul All Share Index which closed Monday at 6,657.63 points, or a 0.46 percent increase, rising for a second day since Saturday's four-week low. Saudi Basic Industries Corp (SABIC), the Gulf's largest listed company, slipped 0.2 percent. "The market is taking its cues from what's happening in the US, it also has an impact on the psychology," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. "That's why we saw a correction on Saturday and now we are waiting to see what happens in the US (markets later on Monday)." Al-Rajhi Bank climbed 0.7 percent and Saudi Telecom Co added 0.8 percent. ELSEWHERE, Abu Dhabi Commercial Bank (ADCB) shares ended on a 31-month high after the lender says it will proceed with the auction of its stake in Malaysian bank RHB lifting the UAE capital's index. Abu Dhabi's index gained 0.5 percent to 2,678 points, rising in six of the past seven sessions. Qatar's index fell to a three-month low, down 0.5 percent to 8,117 points. Losers outnumbered gainers eight to seven. Industries Qatar fell 2.7 percent and Qatar Telecom (Qtel) ended 2 percent lower. Kuwait bank stocks rose from the previous day's six-week low, but traders are pessimistic for the sector and political concerns will likely spur the market to trade sideways in the medium term. National Bank of Kuwait gained 1.7 percent and Gulf Bank is up 1.9 percent. The bank index climbed 0.5 percent, edging away from Sunday's close.
