A drop in Kingdom Holding shares pulled Saudi Arabia’s index lower for the first session in four while Qatar’s index bucked the trend, hitting a three-week high helped by banking stocks.
Emaar Properties led decliners in Dubai, closing down 3.2 percent, its largest percentage fall in more than two weeks. Bourse operator Dubai Financial Market fell 1.1 percent after closing up for six straight sessions.
“Markets have really rallied on hopes of a resolution to Dubai World’s debt. But investors get ahead of themselves at times and hence we saw some profit booking today,” said Keith Edwards, head of asset management at Doha-based investment firm The First Investor.
Dubai’s index fell 1.4 percent to 1,723 points while Abu Dhabi’s index closed down 0.1 percent lower at 2,866 points.
Saudi Arabia’s bourse ended its winning streak, with the Tadawul All-Share Index (TASI) falling 0.4 percent to 6,578 points.
“TASI lost its momentum and made a downward movement, but however made a close above the five-day moving average,” the Financial Transaction House (FTH) said in its daily market commentary.
The sector activity was widely negative with 11 out of 15 sectors closing with losses ranging from 0.03 percent by the energy and utilities to 1 percent by the cement sector. The four sectors with positive closing ranged from 0.34 percent by the media and publishing to 1.33 percent by the hotel and tourism sector.
Qatar’s QSI bucked the downward trend in the region, rising 0.8 percent, as banking stocks rose. Late buying helped Kuwait’s index close 0.1 percent higher with heavyweight Zain rising 1.5 percent.
Oman’s index fell 0.5 percent weighed by a sell-off in banking stocks. Bank Muscat fell 1.3 percent while Bank Sohar fell 1.7 percent. “(The) market seems to be on a technical correction mode. Historically, the month of March ends lower due to dividend adjustments,” said Ajeev Gopinath, assistant vice president for asset management at Gulf Baader Capital Markets.
— With input from agencies
