Investors stuck to the sidelines Tuesday amid thin trade across most regional bourses, as the global economy and uncertainty over Libya continued to drive sentiment ahead of religious holiday starting next week for many. Saudi stock bellwether SABIC fell for the sixth consecutive day (off 1.08 percent at SR91.00). However, stock benchmark Tadawul All Share Index ended up 0.7 percent to close at 5,920.73 points. Activity is expected to pick up after Eid, with a possible rebound, as long as no further negative news from developed markets spooks investors. "Our markets have lost seven to eight percent related to the AAA story (US credit rating downgrade), but here on the ground nothing changed," said Sebastien Henin, portfolio manager at The National Investor. "After Eid, we should have a bounce back." Saudi Automotive Services Co were the top gainer (up 6.84 percent at SR14.05). As the last week of Ramadan has began, a lot of stocks posted no trading or finished flat, such as Alinma Bank (even at SR9.15) or Sanad Insurance & Reinsurance Cooperative Company (unchanged at SR16.70). Forty-five shares went up, and 74 declined. Elsewhere, Qatar benchmark advanced 0.4 percent to 8,124 points. Dubai index slipped 0.4 percent to 1,459 points. Abu Dhabi measure rose 0.3 percent to 2,578 points. Oman index edged 0.1 percent higher to 5,490 points. Kuwait benchmark declined 0.2 percent to 5,768 points. Bahrain measure climbed 0.1 percent to 1,265 points. Egypt index retreated 0.2 percent to 4,632 points. Banks attracted buyers on Qatar's bourse for a second-day Tuesday. Doha Bank gained 1.2 percent and Commercial Bank of Qatar rose 1.9 percent, helping lift the index 0.4 percent. "We can look at it (Qatar) as a more resilient market as there is interest at these levels," said a Doha-based trader who asked not to be identified due to company policy. "Or we can look at it like a mild correction is overdue and will do so soon. I'm going to bet on the earlier notion. It has solid support at these levels." Abu Dhabi's market and Oman's index also ended slightly higher, but heavyweight Emaar Properties weighed on Dubai's benchmark which fell 0.4 percent. In Egypt, financial stocks grabbed most of the trading volume with Pioneers Holding sliding 5.8 percent to weigh on the benchmark which slipped 0.2 percent. "It's a directionless market with very low trading volume and there is a sentiment of optimism coming from Libya," said Osama Mourad, CEO of Arab Finance Brokerage. "The global market is holding in positive territory but the situation looks very volatile and there is no strong enthusiasm," he added.
