Saudi Arabia's stock benchmark Tadawul All Share Index slipped 0.98 percent to 6,459.28 points Sunday, down 1.2 percent so far in July. Yanbu National Petrochemical Company shed 0.8 percent, Rabigh Refining and Petrochemical Co fell 1.5 percent and Saudi Kayan Petrochemicals slipped 0.3 percent. The banking index declines 0.4 percent, with Banque Saudi Fransi down 0.7 percent. Saudi Basic Industries Corp. climbed 0.7 percent after its quarterly net profit jumped 61 percent, but other petrochemicals and banks dropped as global market worries weighed. "SABIC posted another record-breaking quarter and deserves a rally," said a Riyadh-based fund manager on condition of anonymity. "But the market in unpredictable because the global picture and demand is still murky. People will be selling into strength." Concern about the US government's ability to avoid a default boosted gold for a 10th straight day Friday, while the euro turned flat against the dollar as the results of European bank stress tests only slightly relieved anxiety over euro zone debt woes. Elsewhere, Abu Dhabi's share index climbed to a four-week high as telecoms carrier Etisalat and banks support, while volumes in Dubai slumped to a seven-month low. The index rose 0.3 percent to 2,733 points, its highest close since June 20. Dubai volumes are the lowest since December 2010, with many investors waiting for second-quarter results or seeking to cut positions ahead of the holy month of Ramadan. "We will find good support for market as we get close to 1,500 levels. Dubai will hold on for numbers start to come to out," said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading. Qatar's index ended flat at 8,483 points. Oman index ended near-flat, down 0.09 percent at 5,982 points, trimming its July gains to 1.1 percent. Losers outnumber gainers 14 to five. Emaar Properties slipped 0.3 percent and Arabtec shed 0.7 percent. The index slipped 1.6 percent to 6,069 points, its lowest close since September 2004 as none of the 40 largest stocks gain.
