DUBAI, Feb 2 (Reuters) - Most Gulf stock markets were weak on Thursday but Egypt's bourse rebounded after sliding for three days partly on concern that U.S. President Donald Trump's policies could hurt the economy.
The Saudi index
.TASI
edged down 0.03 percent as loss-making Nama Chemicals
2210.SE
, which had soared 37 percent in the four days through Tuesday after it announced the outline of a recovery plan, pulled back 6.3 percent.
Atheeb Telecom
7040.SE
surged to its 10 percent daily limit, however, after jumping 9.4 percent on Wednesday in response to the sale of some of its tower network for 230 million riyals ($61.3 million) to Saudi Telecom Co
7010.SE
.
Dubai's index
.DFMGI
slipped 0.8 percent as blue chip Emaar Properties
EMAR.DU
fell 2.4 percent. Gaining stocks outnumbered losers by 18 to 16, though, with builder Drake & Scull
DSI.DU
, the most active stock, rising 4.2 percent.
Abu Dhabi
.ADI
dropped 1.8 percent as telecommunications blue chip Etisalat
ETEL.AD
fell 2.2 percent; earlier this week the holding company for rival du
DU.DU
said it was launching Virgin Mobile-brand services in the United Arab Emirates.
Sharjah Islamic Bank
SIB.AD
sank 4.4 percent after releasing preliminary results for last year which showed a 12.9 percent rise in net profit.
Rakbank
RAKB.AD
closed flat despite reporting that its 2016 net profit shrank 53 percent because of a big rise in impairments for doubtful loans, which eclipsed a slight rise in operating profit.
In Qatar
.QSI
, the index edged down 0.2 percent. Banks climbed, with Qatar National Bank
QNBK.QA
adding 1.1 percent, but Qatar Electricity and Water
QEWC.QA
fell 1.8 percent after reporting a 13.8 percent drop in fourth-quarter net profit to 310 million riyals ($85.2 million); EFG Hermes had forecast 386.1 million riyals and QNB Financial Services, 388.2 million riyals. The board kept the 2016 dividend flat from 2015.
Egypt's index
.EGX30
surged 1.8 percent after falling 4.4 percent in the three previous days, partly in response to Trump's travel curbs. Although these did not target Egypt, some investors fear an aggressive and protectionist Trump administration could ultimately cut flows of U.S. trade, investment and aid into Egypt.
Investment bank EFG Hermes
HRHO.CA
rebounded 2.5 percent.
THURSDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
edged down 0.03 percent to 7,099 points.
DUBAI
* The index
.DFMGI
fell 0.8 percent to 3,624 points.
ABU DHABI
* The index
.ADI
dropped 1.8 percent to 4,446 points.
QATAR
* The index
.QSI
lost 0.2 percent to 10,570 points.
EGYPT
* The index
.EGX30
gained 1.8 percent to 12,806 points.
KUWAIT
* The index
.KSWE
edged down 0.1 percent to 6,844 points.
OMAN
* The index
.MSI
rose 0.2 percent to 5,803 points.
BAHRAIN
* The index
.BAX
gained 0.9 percent to 1,308 points. (Editing by Gareth Jones) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))