Most Gulf markets end mixed

Saudi Arabia’s stock market edged lower in quiet trading yesterday, pressured by petrochemical and bank shares, while Dubai gained on the back of real estate stocks. The kingdom’s main index reversed course to fall 0.4 per cent, a day after breaching its 200-day average for the first time in three weeks. Foreign investors, including those from other Gulf states, were net sellers of Saudi equities for most of this month.

But the poll of 13 Middle Eastern fund managers, conducted over the past week, suggested most funds do not intend to continue selling. Saudi Chemical slid 3.9pc after its third-quarter profit fell and City Cement Co lost 1.4pc after reporting a loss in its third-quarter.

Saudi Arabian Mining Co (Ma’aden) was down 2.9pc, while National Industrialization (Tasnee) dropped 1.4pc. The Egyptian blue-chip index fell 0.3pc as Sidi Kerir Petrochemicals Co dived 9.1pc despite reporting a rise in its ninemonth profit. Orascom Investment lost 5pc. The company on Wednesday said it expected to buy 30pc of Sarwa Capital’s shares in November.

Sarwa was up 2.1pc. The Dubai index rose 0.7pc, boosted by its real estate and industrial shares. Emaar Properties was up 3.3pc after it said it is in talks with a number of parties for the sale of some hotels.