Dubai's stock market inched down in early trading on Monday, ending an eight day winning streak, while Saudi Arabia was pulled down by its banks.

The Dubai index edged 0.1 percent lower, with Emaar Malls shedding 2.2 percent and Aramex declining 1.8 percent.

Dubai snapped its longest stretch of gains since Jan 2018, mainly triggered by strong fourth-quarter earnings from real estate firms.

Dubai residential property prices, which have fallen 25 to 33 percent in nominal terms since 2014, are likely to fall another 5 to 10 percent this year, S&P Global Ratings said last week.

Saudi Arabia's index lost 0.7 percent with Saudi Kayan Petrochemical losing 1.6 percent, and Al Rajhi Banking dropping 0.7 percent.

Saudi Vitrified Clay Pipe Co lost 1.4 percent after its full-year net profit plunged to 4.4 million riyals compared to 28.9 million riyals a year ago, as demand for pipes slowed and costs rose.

The Saudi market is consolidating after a strong rally last month due to an increase in foreign fund flows ahead of the market's inclusion in key emerging market benchmarks later this year. The index is up 8.2 percent year to date.

Foreign investors, who have been net buyers in all weeks this year, continued their buying spree. Foreigners bought a net 442.8 million riyals of stocks last week, according to weekly data from the Saudi exchange.

The Qatari index edged down 0.1 percent with Commercial Bank shedding 1.2 percent.

The Abu Dhabi index fell 0.8 percent with the country's largest lender First Abu Dhabi Bank decreasing 1.7 percent.

 

(Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean) ((mailto:AteeqUr.Shariff@thomsonreuters.com; +918067497129;))