[2008-02-25]  Saudi leads Gulf losers
Shares in Saudi Arabia, the Gulf’s largest stock market, closed lower yesterday, reversing an eight-session winning streak that saw it add 17%.
Gulf markets closed mixed with Dubai and Bahrain also ending in the red while Abu Dhabi and Muscat traded up.
Saudi shares were down 2.1% to 10121.23 at close, led by Saudi Electricity, down 4.8% at 14.75 riyals and Saudi Basic Industries Corp, or Sabic, down 3.3% at 177.75 riyals.
“Investors are booking gains after the market closed higher in the last eight straight sessions,� said a Dubai-based analyst.
“Most news, including fourth quarter and full year earnings, have been factored in and investors are now looking ahead to 2008 earnings,� he added. Saudi Kayan, a Sabic affiliate, ended down 0.9% at 27 riyals
Abu Dhabi market closed up 0.5% at 4820.14, helped by heavyweight Etisalat, up 1.2% at 24.75 dirhams.
Dana Gas was the most traded and among the top risers, up 2.6% at 2.41 dirhams. Dubai shares ended down 0.2% at 5885.24, giving up intraday gains.
“Investors are booking the smallest of gains ahead of the Al Qudra IPO next week,� said Ayman El Saheb, director of operations at Darahem Financial Brokerage. Bahrain’s market was down 0.1% to 2871.88 at close, undermined by service sector shares.
The Muscat stock market ended up 2.8% at 10289.30, led by banks. Bank Muscat was among the top risers, up 7.9% at 2.208 rials.
Kuwait Stock Exchange was closed yesterday for National Day holiday. Operations will resume on Wednesday, the bourse said. – Zawya Dow Jones





Source: © Gulf Times Newspaper, 2008