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MIDEAST STOCKS-Saudi falls below technical support, UAE succumbs to profit taking
January 11, 2017 / 7:52 AM / a year ago

MIDEAST STOCKS-Saudi falls below technical support, UAE succumbs to profit taking

DUBAI, Jan 11 (Reuters) - Saudi Arabia’s stock market fell on Wednesday morning with all but one petrochemical producer retreating after oil dropped near a one-month low overnight, while Dubai pulled back on profit- taking.

The Saudi index was down 0.7 percent to 6,957 points, falling below technical support at the mid-December low of 7,002 points. Two straight closes below support would confirm a break, triggering a double top formed by the December and January peaks and pointing down to around 6,770 points.

But Yanbu National Petrochemical Co (Yansab) rose 0.9 percent after it reported a 53.4 percent rise in fourth-quarter net profit to 602.85 million riyals ($160.7 million), in line with analysts’ forecasts.

All major Saudi banks were weak, with Al Rajhi dropping 0.8 percent.

Dubai’s main index, which has been outperforming the region since the start of the year, lost 0.5 percent as large-cap shares weighed on the market. Emaar Properties fell 1.0 percent.

But some shares in the insurance sector outperformed with Islamic Arab Insurance, the most heavily traded stock, jumping 4.1 percent. There is speculation that the finance and insurance industries may witness further tie-ups following the impending merger of National Bank of Abu Dhabi and First Gulf Bank.

Abu Dhabi’s index lost 0.2 percent, dragged down by a 2.1 percent decline in blue chip Abu Dhabi Commercial Bank and a 0.8 percent fall in Aldar Properties. (Reporting by Celine Aswad; Editing by Andrew Torchia, Larry King)

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