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Saudi index ends near flat, UAE falls as property drags
Published in The Saudi Gazette on 12 - 09 - 2011

Saudi Arabia's stock index ended nearly flat, with investors waiting for Monday's open on global bourses before committing more money to the local market following recent gains.
The benchmark Tadawul All Share Index ended higher for a third session, up 0.04 percent to close at 6,141 points Sunday, trimming its 2011 losses to 7.2 percent.
Zain Saudi rose for a second-day, up 0.8 percent, after Kingdom Holding said it would complete due diligence on its joint $950 million bid to buy a quarter-stake in telecoms operator by the end of September. Kingdom gained 0.7 percent, also up for a second day.
Integrated Telecom Company, which listed in June, was the most traded stock as it climbed 3.2 percent.
Saudi Basic Industries Corp. (SABIC), the world's largest chemicals producer, eased 0.3 percent, but Saudi Arabian Fertilizers Co (Safco) climbed 0.9 percent.
Banque Saudi Fransi was the only bank stock to rise, gaining 0.5 percent.
Growing doubts about Europe's ability to resolve its debt crisis punished the euro and world stock Friday, ending another volatile week on global markets.
Dubai's real estate and construction sector dragged down the index, which slipped 0.5 percent to 1,473 points.
Developer Deyaar fell 2.6 percent and contractor Arabtec and Emaar Properties slipped 0.7 percent each.
“The global situation is still taking centre stage - a lot of investors are still on the sidelines waiting for direction,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
“Fundamentally we are strong and cheaper every day. Unfortunately, we are very much correlated with the euro zone. My outlook is little bit grim although we might prove to be resilient more so than other markets in the next few months, but that doesn't mean (regional markets) won't be pressured on the downside.”
Abu Dhabi's benchmark shed 0.2 percent to 2,594 points, down in five of the last six sessions.
Aldar Properties declined 1.6 percent and First Gulf Bank dropped 2.6 percent.
Qatar's bourse retraced early-session losses and bucked the downbeat sentiment but UAE markets ended the day lower as Europe's ongoing debt woes continued to worry investors worldwide. Qatar Gas Transport (Nakilat) led gainers by traded shares, rising 0.1 percent. Commercial Bank of Qatar climbed 0.2 percent.
Qatar ended higher 0.1 percent at 8,377 points, but was off 3.5 percent on the year.
Heavyweight Industries Qatar was the volume leader but fell 1.4 percent.
Kuwait's logistics operator Agility surged to a five-week high after a media report in Kuwaiti daily Al Qabas said that the company has formed an alliance to compete in a bid for a $280m stake sale to privatize state-owned Kuwait Airways.
The Kuwait benchmark climbed 0.3 percent to close at 5,980 points, an Aug. 4 high.
Jazeera Airways jumped 5.7 percent after talks of government tenders, the trader said. Telecom operator Zain ended flat.
Oman's index closed 0.4 percent lower at 5,713 points. Oman Telecommunications Co. weighed, down 1 percent.


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