Saudi shares ended largely flat as investors concerned about global debt stayed on the sidelines Petrochemical stocks booked losses but banks supported, balancing out their weight. The Tadawul All Share Index ended just 0.07 percent higher at 6,47.59 points, trimming its 2011 losses to 2.2 percent. "Whether we see a drop in the market to another 10 percent or not, the market is not good enough (due to the global risk scenario) said a Riyadh-based fund manager, who asked not to be identified. "Our fund is at minimum exposure to the Saudi market for the next few weeks. Overall, people don't see good opportunities even though valuations are attractive." Bellwether Saudi Basic Industries Corp. (SABIC) fell 1.4 percent but large-cap banks rose. Al Rajhi Bank gained 0.7 percent and SABB climbed 0.2 percent. Abu Dhabi banks lifted the index, a slight rebound from Monday's drop in regional markets, but Dubai's market ended flat. National Bank of Abu Dhabi gained 0.9 percent, First Gulf Bank rose 0.3 percent and Abu Dhabi Commercial Bank advanced 2 percent. "Markets were taking a breather, while international markets are still concerned about the US debt issue," said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments. "Unfortunately, there isn't a catalyst to move markets, we are already at a time when people are not interested or present due to summer and the approaching Ramadan." Abu Dhabi's index rose 0.4 percent to 2,674 points, while Dubai's benchmark edged 0.07 percent higher to 1,512 points. Emaar Properties fell 0.4 percent, ahead of its second-quarter results posted after market close. The developer's quarterly net profit fell to AED250 million. Volumes in Dubai slumped to a eight-day low. The benchmark gained 0.1 percent to 5,946 points, trading within a range of 100 points in the past month. "The index will face a resistance level at 6,000 points - if the index crossed this level we will see the market at 6,080 points," said Osama Ibrahim Al Qinna, head of brokerage at Oman Arab Bank. Elsewhere, Kuwait's benchmark gained 0.4 percent to 6,089 points, its highest close since July 17, when the market tumbled to a seven-year low on economic worries. The stalemate in US debt talks dragged down stocks on Wall Street for a second day Tuesday. The Dow Jones industrial average fell 90.37 points, or 0.72 percent, to unofficially close at 12,502.43. The Standard & Poor's 500 Index was down 5.38 points, or 0.40 percent, at 1,332.05. The Nasdaq Composite Index was down 2.84 points, or 0.10 percent, at 2,839.96. European stock markets closed mixed, with London's FTSE 100 index of top shares up slightly 0.08 percent at 5,929.73 points. In Frankfurt, the DAX eased up 0.07 percent to 7,349.45 points and in Paris the CAC 40 fell 0.66 percent to 3,787.88 points.
