DUBAI Jan 4 Profit-taking weighed on Gulf stock
markets in early trade on Wednesday while Qatar's index remained
Abu Dhabi's index pulled back 0.6 percent with Abu
Dhabi Commercial Bank, which had closed 4.4 percent
higher on Tuesday, dropping 1.4 percent.
Dubai's main index edged down 0.2 percent as
builder Drake & Scull retreated 1.4 percent and peer
Arabtec pulled back 2.9 percent.
But Dubai Islamic Bank was up 0.4 percent after
saying it had completed the sale of its stake in Jordan Dubai
Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Co.
DIB held 20.8 percent in the Jordanian bank; the value of the
sale was not disclosed.
In Riyadh, the index edged down 0.1 percent in early
trade as most large-cap shares lagged, with petrochemical
producer Saudi Basic Industries down 0.5 percent.
Shares in mid-sized Advanced Petrochemical fell
0.2 percent after the company, the first to publish fourth-
quarter earnings in the kingdom, reported quarterly net income
of 210 million riyals ($56 million), up 44 percent from a year
ago and beating NCB Capital's estimate of 198 million riyals.
Qatar's index added 0.1 percent after the previous
session's 1.6 percent rise. Real estate developer United
Development was the chief gainer, adding 2.1 percent.
A monthly Reuters survey of leading Middle East fund
managers at the end of December found them bullish on regional
equities in general, especially the UAE and Qatar, where they
intended to capture high annual dividend yields.
(Reporting by Celine Aswad; Editing by Andrew Torchia and