JEDDAH: Saudi stock benchmark Tadawul All-Share Index (TASI) slipped 0.16 percent to 6,605.92 points Monday as investors booked profits and looked for bargains. A Riyadh-based analyst quoted by Reuters said the top pick for emerging markets is Mobily. The telecom operator rose 12.3 percent in March. Attractive petrochemical stocks include Advanced Petrochem, Yansab and Sipchem, he said. Elsewhere, Abu Dhabi's index fell 0.3 percent to 2,601 points - a three-week low as Aldar Properties shed 2.6 percent, the main drag on the index. Sorouh Real Estate, the most active stock, closed flat. “Right now, people want to see top line cash generation (from Sorouh) and we're just not seeing it,” Reuters quoted Robert McKinnon, ASAS Capital chief investment officer, as saying. “Real estate in general, needs to see some handovers and cash.” Telecoms operator Etisalat fell 1 percent. Dubai's index closed 0.4 percent lower at 1,549 points as blue chips tumbled. Arabtec led the trading, falling 1.2 percent. The index rose 10.3 percent in March it's only monthly gain in 2011. Qatar's index edged 0.04 percent lower at 8,461 points as large caps weighed. Industries Qatar and Qatar National Bank shed 0.2 and 0.3 percent respectively. In Kuwait, Zain rose 1.5 percent, lifting the index. The benchmark ended 0.5 percent higher at 6,301 points, bucking the regional trend. Oman's index edged higher 0.7 percent to 6,269 points on speculative buying after stocks dividend payout. “As anticipated, with closure of dividend season, speculators are back in action, with more focus on investment companies,” said Gunjan Gupta, head of research at Oman Arab Bank. Bank Muscat rose 1.3 percent. The stock jumped 5.3 percent Sunday on a technical rebound. “Cheap valuation of Bank Muscat still makes it attractive,” Gupta added. The Bahraini index eased 0.3 percent to 1,415 points. Moreover, Egypt's main index fell on security concerns. The Egypt index fell 1.2 percent to 5,494 points, also suffering after the central bank said the country's net foreign reserves dropped to $30.11 billion at end-March from $33.32 billion in February, according to Reuters.
