JEDDAH: Heavyweight Saudi Basic Industries (SABIC) saw its biggest drop since Nov. 23, weighing on the index. Tadawul All Share Index dropped 0.8 percent to 6,716 points Tuesday. SABIC fell 1.3 percent and the index lost 0.8 percent. After markets closed, SABIC reported a 27-percent rise in fourth-quarter net profit, meeting forecasts, on higher pr ices of petrochemical and plastics products. Saudi banks also registered losses, led by Samba Financial Group which fell 1.2 percent. Elsewhere, Abu Dhabi's Aldar Properties rebounded after hitting a five-month low Monday to rise 3.5 percent. The developer confirmed guidance that it expects to post a profit in 2011. Property stocks in Dubai also climbed, led by Deyaar. Dubai measure rose 0.8 percent to 1,622 points. Abu Dhabi benchmark fell 0.4 percent 2,680 points. Kuwait index gained 0.04 percent to 6,915 points. Qatar index added 0.4 percent to 9,199 points. Oman index slipped 0.2 percent to 7,006 points. Bahrain measure dropped 0.4 percent to 1,426 points. Egypt benchmark fell 3.1 percent to 6,694 points Egypt's index posted its biggest fall in nearly eight months, as foreign investors sold shares on concerns that the political unrest that unseated Tunisia's leader could spread to other Arab states. The 30-firm Cairo index declined 3.1 percent, its biggest fall since May 25, with all but one stock, EFG Hermes, losing. "Foreigners are net sellers in the market," said Mohamed Radwan of Pharos Securities.
