PHOTO
DUBAI- Gulf stock markets slipped on Sunday as trading volumes were mostly low because of the absence of many foreign investors for Christmas holidays. Egypt rose to a record high but volume was very low there too.
The Saudi index
.TASI
fell 0.4 percent as telecommunications firm Zain Saudi
7030.SE
lost 2.0 percent and rival Mobily
7020.SE
dropped 2.4 percent.
Arabian Cement
3010.SE
fell 1.2 percent after saying its merger talks with Al Safwa Cement had ended without agreement. It did not elaborate.
But Saudi Printing & Packaging
4270.SE
gained 1.3 percent after saying its board had decided to remove Ghassan bin Mohammed Zaatari from the post of chief executive and appoint Fahad Ibrahim al-Mufarraj as managing director pending the appointment of a new CEO. The company did not explain why it made the change.
In Dubai, the index
.DFMGI
fell 0.5 percent as courier firm Aramex
ARMX.DU
sank 5.4 percent to its lowest level since early February.
But Bahrain's Al Salam Bank
SALAM.DU
, the most heavily traded stock in Dubai, jumped 6.1 percent to 1.04 dirhams after a disclosure on the Bahrain exchange showed a key person involved with the bank had on Thursday bought 250,000 shares at 0.104 and 0.105 dinar. In Bahrain, the stock
SALAM.BH
rose 1.0 percent to 0.106 dinar, equivalent to 1.03 dirhams.
Khaleeji Commercial Bank
KHCB.DU
, another Bahraini bank which listed in Dubai last Tuesday, was the second most active stock in Dubai and closed 2.7 percent higher at 1.51 dirhams, after soaring 15 percent at one stage.
It came off its highs after its shares in Bahrain
KHCB.BH
, which initially surged, turned down to close at 0.120 dinar, equivalent to 1.17 dirhams - suggesting investors weren't willing to sustain a premium of more than about 30 percent in the Dubai market.
Abu Dhabi's index
.ADI
slipped 0.5 percent in its thinnest trade this year while Qatar's index
.QSI
fell 0.3 percent.
Kuwait
.KWSE
sank 1.1 percent but National Industries Group
NIND.KW
, the most active Kuwaiti stock, rose 1.3 percent after saying it had agreed to sell its 24 percent stake in Jordan's Airport International Group and would make a profit of 15.9 million dinars ($52.6 million).
Egypt's index
.EGX30
rose 0.8 percent but trading volume was at one of its lowest levels this year. Tora Cement
TORA.CA
fell 3.6 percent and Suez Bag
SBAG.CA
plunged 10 percent to 34.85 pounds after Tora said it had sold its 4.52 percent stake in Suez Bag for 26.01 pounds per share.
HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
fell 0.4 percent to 7,181 points.
DUBAI
* The index
.DFMGI
fell 0.5 percent to 3,349 points.
ABU DHABI
* The index
.ADI
dropped 0.5 percent to 4,326 points.
QATAR
* The index
.QSI
fell 0.3 percent to 8,600 points.
EGYPT
* The index
.EGX30
rose 0.8 percent to 14,791 points.
KUWAIT
* The index
.KWSE
dropped 1.1 percent to 6,343 points.
BAHRAIN
* The index
.BAX
rose 0.4 percent to 1,286 points.
OMAN
* The index
.MSI
slipped 0.2 percent to 5,055 points.
(Reporting by Andrew Torchia; Editing by Hugh Lawson) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Saudi index
Arabian Cement
But Saudi Printing & Packaging
In Dubai, the index
But Bahrain's Al Salam Bank
Khaleeji Commercial Bank
It came off its highs after its shares in Bahrain
Abu Dhabi's index
Kuwait
Egypt's index
HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
BAHRAIN
* The index
OMAN
* The index
(Reporting by Andrew Torchia; Editing by Hugh Lawson) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))