PHOTO
* Saudi bourse falls as investors lack encouragement to build positions
* But petrochemical stocks gain as oil breaks $50
* Dubai index gains for fourth session in a row
* Dubai Parks surges over 6 pct after raising share capital
* Egypt slips as local traders exit stock market
By Celine Aswad
DUBAI, May 26 (Reuters) - A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.
The Riyadh index
.TASI
failed to hold on to earlier gains as investors booked profits, snapping two days of gains.
Although petrochemical shares remained resilient, with the sub-index
.TPISI
advancing 0.3 percent, it closed 49 points below its intra-day high, a sign that investors lack belief in a sustained rally.
Speculative shares, favoured by local day traders and which are usually heavily traded, dropped. Tourism company Altayyar Travel Group
1810.SE
fell 2.8 percent while insurer Alinma Tokio Marine
8312.SE
tumbled 3.1 percent.
In Abu Dhabi the index
.ADI
slid 0.1 percent, mainly weighed by declines in blue chip lenders National Bank of Abu Dhabi
NBAD.AD
and Abu Dhabi Commercial Bank
ADCB.AD
. The former closed down 2.8 percent and the latter 1.2 percent.
But Dana Gas
DANA.AD
managed to hold onto gains and climbed 1.9 percent.
Dubai's index
.DFMGI
came ahead of its peers and added 1.3 percent to 3,351 points, its highest closing level since May 2.
Dubai Park and Resorts
DUBA.DU
surged 6.7 percent, and was the most heavily traded stock. Wednesday May 25 was the amusement park developer's final day of trade in its rights issue, which will increase its share capital to 8 billion dirhams ($2.2 billion).
Emaar Properties
EMAR.DU
, the largest listed real estate stock, added 1.1 percent.
QATAR, EGYPT
Qatar's stock index
.QSI
edged up 0.1 percent, with support from oil drilling provider Gulf International Services
GISS.QA
which closed up 2.5 percent.
Qatar National Bank
QNBA.CA
, the largest lender by assets in the Gulf, rose 1.2 percent.
In Egypt, the main index
.EGX30
slipped 0.2 percent, as locals sold off while foreign investors increased allocation to Egyptian shares, bourse data showed.
Shares in developer Amer Group
AMER.CA
fell 2.5 percent. Earlier this week the company reported a 36 percent rise in first quarter net income and a 18 percent jump in revenues from the same period last year.
"Amer Group's 1Q2016 results showcase a recovery driven by improved deliveries (of housing units) and higher recurring business contribution," said a note by Cairo-based Naeem Holding. Adding they expect moderate growth for the rest of 2016 and maintained a "buy" rating on the stock.
THURSDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
fell 0.5 percent to 6,482 points.
DUBAI
* The index
.DFMGI
rose 1.3 percent to 3,351 points.
ABU DHABI
* The index
.ADI
edged down 0.1 percent to 4,283 points.
QATAR
* The index
.QSI
edged up 0.1 percent to 9,716 points.
EGYPT
* The index
.EGX30
lost 0.2 percent to 7,531 points.
KUWAIT
* The index
.KWSE
gained 0.5 percent to 5,397 points.
OMAN
* The index
.MSI
fell 0.3 percent to 5,915 points.
BAHRAIN
* The index
.BAX
edged down 0.1 percent to 1,099 points.
(Editing by) ((celine.aswad@thomsonreuters.com;+971 562 247 653 Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
* But petrochemical stocks gain as oil breaks $50
* Dubai index gains for fourth session in a row
* Dubai Parks surges over 6 pct after raising share capital
* Egypt slips as local traders exit stock market
By Celine Aswad
DUBAI, May 26 (Reuters) - A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed.
The Riyadh index
Although petrochemical shares remained resilient, with the sub-index
Speculative shares, favoured by local day traders and which are usually heavily traded, dropped. Tourism company Altayyar Travel Group
In Abu Dhabi the index
But Dana Gas
Dubai's index
Dubai Park and Resorts
Emaar Properties
QATAR, EGYPT
Qatar's stock index
Qatar National Bank
In Egypt, the main index
Shares in developer Amer Group
"Amer Group's 1Q2016 results showcase a recovery driven by improved deliveries (of housing units) and higher recurring business contribution," said a note by Cairo-based Naeem Holding. Adding they expect moderate growth for the rest of 2016 and maintained a "buy" rating on the stock.
THURSDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
OMAN
* The index
BAHRAIN
* The index
(Editing by) ((celine.aswad@thomsonreuters.com;+971 562 247 653 Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))