Middle East Stocks Mostly Drop, Dubai Hit by Real Estate Shares
Middle East stocks mostly declined, with Dubai pressured by real estate shares.
Saudi shares fell as investors consolidated recent gains. Arqaam Capital reportedly took some profits in National Commercial Bank and Al Rajhi Bank, cutting its stake in each bank by 2.5% to 7.5%.
In company news, Saudi Vitrified Clay Pipe Co said full-year net profit plunged to 4.4 million riyals from 28.9 million riyals a year ago, as demand for pipes slowed and costs rose.
Arriyadh Development Co said full-year profit fell 8% amid an absence of land sales and a drop in its operating sector revenue.
Saudi Arabia's main index fell 0.9% to 8,433 points, Dubai slipped 0.3% to 2,661 points, Abu Dhabi dropped 0.5% to 5,116 points, Qatar firmed 0.4% to 10,227 points, Egypt dipped 0.1% to 14,946 points, Bahrain lost 0.5% to 1,408 points and Oman rose 0.4% to 4,068 points. Kuwait was closed for holiday.
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