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Saudi, Dubai, Bahrain fall; other Gulf stocks increase
Published in The Saudi Gazette on 08 - 07 - 2010

Saudi share prices fell the most in more than a week as concern on economic growth pushed global stocks lower and as short-term investors dominate activity, with large portfolio holders barred from trading during earnings season.
Saudi stock benchmark Tadawul All Share Index (TASI) retreated 1.13 percent, the most since June 29, to 6,056.41, led by Saudi Basic Industries Corp. (SABIC), the world's largest petrochemical company.
Fitaihi and National Gypsum Co. slid the most in more than a month over lower quarterly earnings.
SABIC tumbled 4 percent, giving up most of the previous day's gains as short-term investors dominate activity, with large portfolio holders barred from trading during earnings season.
“6,000 points is a psychological prop for the index,” said Saleh Al Onazi, vice-president of principal investment at Swicorp in Riyadh.
“I speak to a lot of traders and they say they're just looking to make SR2 to SR3 on say SABIC for a short-term profit.”
Volumes have slumped, Onazi said, because trading rules prevent large investors from trading stocks during earnings season. Dubai index fell 0.9 percent to 1,482 points, its first decline for three days.
Emaar Properties headed losers on Dubai's index DFM as traders cashed in recent gains.
Emaar dropped 2.5 percent, Arabtec lost 2.8 percent and Union Properties slid 1.8 percent.
Abu Dhabi's benchmark ADI edged higher for the third session, climbing 0.07 percent to 2,522 points.
Analysts are unsure what impact second-quarter earnings will have on the Dubai and Abu Dhabi bourses, with both in negative territory for the year.
Qatar index climbed 0.4 percent to 6,881 points as some banks rallied, bolstered by above-forecast results from bellwether Qatar National Bank, while Kuwait's benchmark KWSE made its largest gain for two months.
In Kuwait, Zain climbed 3.6 percent, extending gains since Credit Suisse raised its rating for the telecoms operator.
Bahrain's measure BAX slipped 0.2 percent to 1,362 points.
Oman's index MSI hit a two-week closing high as local institutions bought into bank and industrial stocks ahead of second


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