* Dubai rises in healthy volume
* Abu Dhabi bolstered by strong gains in FGB, NBAD
* Petrochemical shares are main drag on Saudi
* Zain Saudi down on CEO resignation
* Egypt takes breather but foreigners remain net buyers
By Celine Aswad
DUBAI, Dec 7 Stock markets in the United Arab
Emirates outperformed the region on Wednesday while investors
booked profits in Saudi Arabian petrochemical shares and
Egyptian blue chips.
Dubai's main index closed 1.3 percent higher in
healthy volume as some large and mid-sized shares, which had
been relatively quiet so far this week, gained. Emaar Properties
rose 2.4 percent.
A Dubai-based stock broker said she was seeing significant
buy orders from foreign investors.
In Abu Dhabi, investors bid up two banks that were expected
to obtain shareholder approval late on Wednesday for their
previously announced merger. First Gulf Bank rose 5.4
percent and National Bank of Abu Dhabi rose 2.8
percent. The main Abu Dhabi index added 1.8 percent.
Real-estate related shares were the top gainers in Qatar's
main index which added 0.1 percent. United Development
and Mazaya Qatar each rose 2.1 percent.
Activity in other shares was quiet.
In Saudi Arabia, the general stock index pulled back
0.4 percent as the petrochemical sector, which had lifted the
market higher over the last several days, weakened.
Investors booked profits in most oil producers, suggesting
the market had fully factored in last week's OPEC deal to curb
oil output and prop up crude prices. Heavyweight Saudi Basic
Industries lost 1.6 percent.
Zain Saudi fell 0.6 percent after the company said
its chief executive Hassan Kabbani had resigned and it had
appointed Peter Kaliaropoulos as his successor.
But Saudi Investment Bank added 1.0 percent after
the company said its board had recommended an increase of the
bank's capital through bonus shares, to be paid for through the
transfer of retained earnings.
Egypt's index main retreated 1.3 percent as trading
volume jumped by roughly 50 percent from the previous session.
Ninety percent of the 30 most liquid shares closed down.
Orascom Telecom, which has been hammered since
Sunday's news that its chief executive will step down next month
and it would wind up a North Korean bank affiliate, fell a
further 7.2 percent and was the most heavily traded stock.
"Shares in OTMT have almost doubled since October, so this
sell-off is not only specific to this week's news, it's part of
the overall sell-off seen across the broader market today," said
Allen Sandeep, director of research at Cairo's Naeem Brokerage.
Shares in most Egyptian stocks have enjoyed spectacular
performances since authorities ditched the Egyptian pound's U.S.
dollar peg on Nov. 3.
Foreign institutional funds, which have been net buyers of
Egyptian shares since the float, remained buyers on Wednesday,
exchange data showed.
"Sentiment has not shifted, the market is simply taking a
breather," said Sandeep.
* The index fell 0.4 percent to 7,124 points.
* The index lost 1.3 percent to 11,348 points.
* The index climbed 1.3 percent to 3,496 points.
* The index added 1.8 percent to 4,434 points.
* The index rose 0.1 percent to 9,989 points.
* The index gained 0.4 percent to 5,589 points.
* The index added 0.03 percent to 5,656 points.
* The index dipped 0.02 percent to 1,181 points.
(Editing by Andrew Torchia and Susan Thomas)