Mideast Stocks: Egypt stocks hit by blue-chip selloff, Gulf markets quiet

26 of 30 stocks decline on Egypt's index

  
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany

The Egyptian stock market ended lower on Sunday after a retreat in shares in its blue-chip index, while trade on major Gulf markets was quiet.

Egypt's blue-chip index declined 1.2%, as most of the stocks on the index fell, including Commercial International Bank, which was down 1.7%.

Stock exchange data showed Egyptian investors were net-sellers of the stocks.

Saudi Arabia's benchmark index closed up 0.1%, with the Gulf's largest petrochemical maker Saudi Basic Industries rising 1%, while Almarai advanced 3.4% following an increase in quarterly net profit.

The dairy producer reported a net profit of 621.5 million riyals ($165.70 million) in the third quarter, up from 581 million riyals a year earlier.

Dubai's main share index dropped 0.6%, pressured by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 1.8% decline in logistics company Aramex .

The Abu Dhabi index slipped 0.2%, hit by a 1.4% fall in Abu Dhabi Commercial Bank  and a 0.2% drop in the country's largest lender First Abu Dhabi Bank.

In Qatar, the index edged up 0.1%, helped by a 2.5% gain in Qatar Insurance.

($1 = 3.7508 riyals)

(Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriman) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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