* Petchems hit Saudi as oil plunges to 3-month low
* Bank Aljazira surges on share capital increase
* Insurer Sanad's liquidation plan dampens sector
* NBK down as shares go ex-dividend but Kuwait firms
* Egypt up but Juhayna slumps on Q4 earnings
By Celine Aswad
DUBAI, March 12 Major Gulf stock market indexes
mostly closed lower on Sunday after oil prices plunged at the
end of last week to a three-month low, but shares in Dubai's
Shuaa Capital and Saudi Arabia's Bank Aljazira
surged in response to company-specific news.
Saudi Arabia's index dropped 1.2 percent as the
share prices of all 14 listed petrochemical makers declined,
with Saudi Kayan Petrochemical falling 3.1 percent.
Banque Saudi Fransi lost 2.1 percent after Credit
Agricole, which owns 31 percent, said it was satisfied
with the performance of the business and would not try to
prevent rumours about the sale of its stake from circulating.
Last week Reuters reported that the French bank has hired JP
Morgan to advise it on a potential sale of the stake,
valued at around $2.4 billion.
Meanhile the share price of Bank Aljazira jumped
by its 10 percent daily limit after proposing a three-for-10
bonus share issue.
Insurance industry shares were mostly weak after a small
player, Sanad Cooperative Insurance, said it was
planning a voluntary liquidation after its accumulated losses
reached 88 percent of its capital. When its shares last traded
in 2014 it had a market capitalisation of 302 million riyals
($80 million), Thomson Reuters data showed.
Dubai's index fell 1.1 percent to 3,481 points, a
fresh three-month low. The index is down almost 7 percent since
this year's peak on Feb. 9. Sell orders accelerated in the final
hour with Dubai Investments sinking 6.5 percent.
But Shuaa Capital jumped by its 15 percent daily
limit after saying it had agreed to acquire Integrated Capital
and Abu-Dhabi based brokerage Integrated Securities.
The two targets are controlled by Abu Dhabi
Financial Group (ADFG), which last November bought 48.36 percent
Also, local news provider MEED quoted ADFG chief executive
Jassim Alseddiqi as saying Shuaa was in talks with a larger
regional financial institution for a potential merger in a deal
that could be worth billions of dirhams. He did not name the
institution or give details; Shuaa and ADFG officials did not
immediately respond to requests for comment.
In Kuwait, National Bank of Kuwait fell 2.7
percent as trading in the shares went ex-dividend. However, the
main market index firmed in the final hour of trade to
close 0.5 percent higher.
Egypt's index added 0.5 percent in its eighth
straight session of gains, mainly because of a 2.9 percent climb
in the largest listed lender, Commercial International Bank
; losing stocks in the index outnumbered gainers 20 to
Juhayna Food Industries tumbled 8.2 percent after
reporting at the end of last week an 81 percent drop in full-
year net profit to 53.7 million Egyptian pounds ($3.1 million).
Analysts at Cairo-based Prime Research said direct costs
increased by 28.7 percent in 2016, faster than revenue growth of
18 percent, and net financing costs surged 73 percent because of
* The index fell 1.2 percent to 6,834 points.
* The index declined 1.1 percent to 3,481 points.
* The index edged down 0.5 percent to 4,436 points.
* The index added 0.2 percent to 10,491 points.
* The index rose 0.5 percent to 6,742 points.
* The index gained 0.5 percent to 12,920 points.
* The index lost 0.9 percent to 5,741 points.
* The index added 0.9 percent to 1,366 points.
(Editing by Andrew Torchia, Greg Mahlich)