JEDDAH: Saudi Arabia's stock benchmark Tadawul All Share Index (TASI) slightly fell at closing Monday as investors were waiting for second-quarter earnings season which is expected to begin in two weeks. The benchmark eased 0.07 percent to 6,507.21 points, halting two sessions of gains. It was down 3.4 percent in June. Saudi Kayan Petrochemicals eased 1.1 percent but the petrochemical index gained 0.1 percent. "The only thing that is interesting is the Q2 results, which will create a catalyst," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. "Q2 earnings will be very strong in Saudi." Saudi British Bank gained 1 percent after HSBC Holdings, Europe's biggest bank said on Monday it will merge its Saudi Arabian wholesale and investment banking business with Saudi British Bank's SABB Securities. Dubai's index edged away from Sunday's three-month low, but Abu Dhabi's benchmark slumped to a two-week low as property and energy stocks slide. Bellwether Emaar Properties rose 0.3 percent, Dubai Financial Market gained 1.7 percent and Arabtec climbed2.4 percent. The benchmark advanced 0.3 percent to 1,526 points, its first gain since index compiler MSCI postponed a decision on whether to upgrade the UAE and Qatar to emerging market status to December. Abu Dhabi's benchmark slipped 0.5 percent to 2,704 points, its lowest close since June 12. Aldar Properties dropped 1.6 percent and Sorouh Real Estate slipped 2.4 percent. Dana Gas shed 3.3 percent. "These are some of the stocks that failed to make it to the MSCI - these are the bluechips everyone was relying on," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. "We're not expecting remarkable Q2 results from them and there is no recovery in the real estate sector, so you see people selling." Elsewhere, Qatar's index climbed 0.5 percent to 8,250 points, trimming its June losses to 1.5 percent. Gainers outnumbered loser 14 to five. Qatar National Bank rose 2 percent in thin trade, with low volumes tending to exaggerate stock moves.
