[2008-01-21]  U.A.E. Stocks Fall, Led by NBAD; Sabic Leads Saudi Shares Lower
United Arab Emirates shares declined for a third day, led by National Bank of Abu Dhabi, the country's second-largest bank by market value, and Emaar Properties PJSC.

Saudi Arabia's benchmark dropped the most since April after Saudi Basic Industries Corp. reported the lowest quarterly profit growth since 2006.

The MSCI GCC Countries Index, a measure of more than 140 companies in six Gulf Arab states, surged 31 percent since Sept. 30., compared with a 13 percent loss for the MSCI World Index.

``We have seen the markets rise significantly since September and investors are simply booking profits,'' Amro Diab, head of Gulf institutional sales at EFG-Hermes Holding SAE said in a phone interview from Dubai.

The Abu Dhabi Securities Market Index retreated 3 percent to 4,697.23 at 1:05 p.m. local time. The measure is still up 32 since the end of the third quarter. The Dubai Financial Market General Index lost 2.8 percent to 5,888.88 today.

National Bank of Abu Dhabi tumbled 5 percent to 24 dirhams. The shares have still jumped 30 percent since the end of September. Emaar, the largest property developer in the Middle East, lost 2.8 percent to 14.1 dirhams.

Aldar Properties PJSC slid 4.4 percent to 11 dirhams. Abu Dhabi's biggest real-estate developer will construct a 3.5 billion-dirham ($950 million) links golf course in the emirate with Dubai-based Zabeel Investments. The shares more than tripled last year.

Saudi Arabia's Tadawul All Share Index slid 4 percent to 11,102.84, its biggest one-day loss since April, 2007. The index has gained 42 percent since Sept. 30.

Saudi Basic, known as Sabic, tumbled 6 percent to 203.75 riyals. The world's biggest chemicals maker by market value said fourth-quarter net income increased 12 percent to 6.87 billion Saudi riyals after it bought General Electric Co.'s plastics division for $11.6 billion. Profit rose 37 percent during the fourth quarter of 2006. Last quarter's profit growth matched that of the third-quarter of 2006. Before today, Sabic shares had jumped 9.2 percent since the beginning of the year.

Qatar's Doha Securities Market Index slipped 0.8 percent, bringing the three-day drop to 3.2 percent. The Kuwait Stock Exchange Index added 0.2 percent. Oman's Muscat Securities Market 30 Index gained 0.5 percent. Bahrain's stock market is closed today for a religious holiday.


Source: copyright(c)2008 Bloomberg L.P.