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MIDEAST STOCKS-Saudi pulls back with oil's retreat; profit-taking resumes in Egypt

Published 30/11/2016, 12:59 am
© Reuters.  MIDEAST STOCKS-Saudi pulls back with oil's retreat; profit-taking resumes in Egypt
MSI
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CIM
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ADI
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BAX
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LCO
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TASI
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TBNI
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TENI
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8230
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4190
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DFMGI
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ARTC
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DINV
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EGX30
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QSI
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QNBK
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AIH
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ADCB
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* Saudi index fails to confirm break of major chart barrier

* Banking, petrochemical sectors still underperforming

* Economic signs spur retailer Jarir Marketing

* Dubai's Arabtec rises after new CEO appointed

* Foreign investors still net buyers in Egypt

By Andrew Torchia

DUBAI, Nov 29 (Reuters) - Saudi Arabia's stock market gave up early gains by the close on Tuesday as oil prices pulled back, while other Gulf bourses were mixed. Profit-taking pulled Egypt' market lower after big gains this month.

The Saudi index .TASI has soared over 25 percent - almost entirely erasing its losses this year - since the government's $17.5 billion international bond issue in late October eased fears about its ability to cope with an era of cheap oil, and helped it begin making delayed payments to settle its debts to private companies.

In early trade on Tuesday the index rose as much as 0.7 percent. But Brent crude oil LCOc1 fell around 2 percent to below $47.50 a barrel on Tuesday afternoon on signs that oil exporters were struggling to agree a deal to cut production. ID:nL4N1DU1J0

This pulled the stock index down 0.1 percent in active trade to 6,897 points at the close. It failed to confirm a clear break of major technical resistance on the April peak of 6,876 points.

The banking .TBFSI and petrochemical .TPISI sectors, which led the market up during most of its rebound this month, underperformed on Tuesday; banks dropped 0.3 percent and petrochemicals lost 0.6 percent.

Much activity focused on smaller stocks with retailer Jarir Marketing 4190.SE , beaten down earlier this year by economic slowdown due to low oil prices, jumping 6.1 percent.

Central bank data showed cash withdrawals from automated teller machines edged up in October, suggesting cuts to public employees' financial allowances might not be hurting consumption as much as some analysts had feared. ID:nL8N1DT547

Insurance stocks favoured by local retail speculators also surged on Tuesday, with Al Rajhi Takaful 8230.SE up 3.9 percent.

Speculative activity in small caps also supported markets in the United Arab Emirates. Dubai's index .DFMGI rose 0.7 percent as Dubai Investments DINV.DU surged 3.2 percent.

Loss-making construction firm Arabtec ARTC.DU climbed 2.3 percent after it appointed Hamish Tyrwhitt as new chief executive; Tyrwhitt was CEO of Australian contractor Leighton Holdings, since rebranded CIMIC Group CIM.AX , between 2011 and 2014. ID:nL8N1DU0H9

Abu Dhabi's index .ADI edged up 0.1 percent, buoyed by banks, with Abu Dhabi Commercial Bank ADCB.AD adding 1.8 percent. Qatar's index .QSI fell 0.5 percent, as Qatar National Bank QNBK.QA slipped 3.7 percent.

Egypt's index .EGX30 fell 0.9 percent as profit-taking resumed after its 37 percent jump in the weeks after the Nov. 3 float of the Egyptian pound.

But Arabia Investments AIND.CA jumped 7.1 percent after its nine-month consolidated net loss shrank to 10.3 million Egyptian pounds ($572,000) from a year-earlier loss of 11 million pounds, while operating revenues rose.

Exchange data showed foreign investors remained net buyers of Egyptian stocks on Tuesday, by a modest margin of about $2 million.

TUESDAY'S HIGHLIGHTS

SAUDI ARABIA

* The index .TASI fell 0.1 percent to 6,897 points.

DUBAI

* The index .DFMGI rose 0.7 percent to 3,334 points.

ABU DHABI

* The index .ADI edged up 0.1 percent to 4,261 points.

EGYPT

* The index .EGX30 fell 0.9 percent to 11,159 points.

QATAR

* The index .QSI fell 0.5 percent to 9,636 points.

KUWAIT

* The index .KSWE edged up 0.1 percent to 5,544 points.

OMAN

* The index .MSI edged down 0.1 percent to 5,481 points.

BAHRAIN

* The index .BAX was flat at 1,177 points. (Editing by Ruth Pitchford)

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