Petrochemical stocks, one of the two market heavyweight sectors, dragged down Saudi stock benchmark Tadawul All Share Index 0.12 percent to close at 6,147.54 points Wednesday as dampened sentiment in world markets and a drop in oil prices weighed. Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Fertilizer slipped 0.8 percent each. Meanwhile, insurance stocks hit a fresh 18-month high, dominating trade with nearly half of the total shares exchanged. “It's not a surprise that with global uncertainty and a week-long holiday coming up we're seeing more trading in speculative stocks,” said Paul Gamble, head of research at Jadwa Investment. Investors are winding down positions ahead of Eid Al-Adha. SAAB Takaful rose 1.6 percent and Sagr Insurance gained 4.1 percent. Elsewhere, Qatar index edged higher 0.1 percent to 8,464 points, up for three of last six sessions. Banks were the main support, with Qatar National Bank and Commercial Bank of Qatar rising 0.3 and 0.4 percent respectively. Abu Dhabi's gained 0.2 percent to 2,455 points, up for a third-day since Sunday's 30-month low. The Dubai index edged up 0.01 percent to 1,354 points. The Kuwaiti index edged up 0.06 percent to 5,905 points. Egypt's benchmark eased on caution ahead of elections, while strong earnings helped lift shares in Abu Dhabi Commercial Bank on Wednesday, but most Gulf markets ended flat as risk-weary investors stayed on the sidelines. Cairo's main index inched down 0.6 percent to 4,320 points, slipping from Tuesday's five-week high. Heavyweight Orascom Construction Industries was the main drag on the index, down 1.9 percent.
