Markets mostly down

Most Middle Eastern stock markets slipped yesterday as emerging markets slumped globally, although Abu Dhabi and Qatar rose marginally, boosted by banks and energy stocks. The Saudi Arabian index reversed early gains to end 0.7 per cent lower, weighed down by banks and petrochemicals. Most petrochemical stocks had risen in morning trade after Brent oil prices hit their highest in four years.

National Commercial Bank was the largest drag on the index, slipping 2.7pc, while Samba Financial Group dropped 2.6pc. Egypt’s blue-chip index was down 0.5pc, hit by a 1.1pc fall by Commercial International Bank and a 3.7pc drop in Eastern Co to 17.40 Egyptian pounds after CI Capital cut its target price for the stock by 15pc to 18.5 pounds.

Cairo for Investment and Real Estate Development Co, which had jumped 24pc on its first day of trading on Monday, last traded at 7.07 pounds, barely changed. In Qatar, the index inched up 0.3pc, helped by a 3.3pc rise in drilling rig provider Gulf International Services, its sixth straight daily gain; rising oil prices have boosted it more than 13pc since mid-September. Commercial Bank was the top gainer in the index, rising 2.0pc. The Dubai index dropped 0.4pc, pulled down by real estate stocks amid profit-taking after the sector had rebounded moderately in the last few days. Emaar Properties fell 1.2pc.

Loss-making construction firm Drake and Scull, which has tumbled more than 80pc this year, jumped 14.8pc in heavy trade ahead of its shareholder meeting this Thursday, which is expected to discuss ways to strengthen the company. Abu Dhabi’s index was up 0.3pc with Dana Gas climbing 2.6pc. The company said on Monday it had received an additional $59.5 million dividend payment from its joint venture operations in Iraq’sKurdistan.