Other Middle East markets were flat, with little to
attract traders.
The Dubai index eased 0.05 percent to 1,510 points. The
Abu Dhabi index edged up 0.06 percent to 2,537 points.
"Earnings have met expectations in that they have
been largely neutral and not provided a catalyst to re-rate the market,"
said Ali Khan, managing director and head of brokerage at Arqaam Capital.
TMG fell 2.6 percent, declining for a second day since a
court-assigned body recommended the court scrap a land contract between the
developer and Egypt's housing ministry.
"The confusing messages from the different
legislative powers and courts regarding Talaat Moustafa and Madinaty are
creating tremendous confusion among investors," said Osama Mourad of Arab
Finance Brokerage.
TMG is building its flagship Madinaty project of homes,
schools, shops, hotels and a golf course on 8,304 acres (3,361 hectares) of
land on Cairo's outskirts.
Egypt's index fell 0.9 percent to 6,306 points, ending an
eight-day rally.
Telecoms stocks were mixed, a day after UAE regulator said
it would ban select Blackberry services from October and sources said Saudi
Arabia was planning a similar move.
Saudi Telecom Co. (STC) fell 1.1 percent and Etihad
Etisalat dropped 1.8 percent, but Abu Dhabi-listed Emirates Telecommunications
Corp. (Etisalat) ended flat and du and Zain Saudi Arabia rose.
"Data services contribute around 20 percent of STC's
profit, with about half of that coming from services like BlackBerry, so the
profits of local telecoms companies could be affected by around 7-10 percent,"
said Hesham Tuffaha, Bakheet Investment Group head of research.
"But telecoms are dynamic companies and they will
adapt to create new services that will compensate for any loss of Blackberry
services. The initial reaction of stocks will be negative, but longer term
telecoms will remain attractive."
Saudi Basic Industries Corp. (SABIC) climbed 1.7 percent
as firm oil prices boosted petrochemical stocks, with the crude seen as a key
driver both of petrochemical product prices and demand.
"Petchems stocks have gained since forming a floor
at the start of July, so may be the subject of some profit-taking in the coming
days," added Tuffaha.
The Tadawul All-Share Index (TASI) closed 0.25 percent
higher at 6,332.45 points. The sector activity for the day was mixed with 8
gaining sectors against 7 losing sectors. The overall market breadth for the
day was also positive with 73 advancers against 47 decliners giving it an AD
ratio of 1.55, the Financial Transaction House (FTH) said in its daily market
commentary.
Industries Qatar (IQ) rose 1.2 percent to a five-week
high as investors bought in ahead of the expected release of its second-quarter
earnings on Wednesday, helping Doha's index reach a similar milestone.
Doha's index rose 0.4 percent to 7,035 points, its
highest finish since June 28.
"The index can reach 7,200 points, but we don't have
the power to break above this," said Hani Girgis, assistant chief dealer
at Dlala brokerage.
The Kuwaiti index fell 0.5 percent to 6,624 points.
- With input from agencies
