Most regional markets ended lower Tuesday after comments from Germany's finance minister dashed hopes of a quick fix to the euro zone debt crisis, while attractive valuations in Saudi Arabians petrochemicals helped lift the bourse. The Saudi stock benchmark Tadawul All Share Index gained 0.31 percent to close at 6,150.64 points Tuesday, trimming its 2011 losses to 7.1 percent. "The PE ratio on SABIC and many of the petrochemical stocks is at an excellent level," said Youssef Kassantini, a Saudi-based financial analyst. "The market saw the value and bought back the market." Jarir Marketing jumped 9.9 percent after the company's board of directors approved a cash dividend distribution of SR136 million - SR3.4 per share - for the third-quarter, according to a bourse statement. Saudi Basic Industries Corp's (SABIC) third-quarter earnings went largely unnoticed, despite it posting a second quarter or record profits. "Earnings were led by exponential profitability growth in the fertilizer segment in tandem with lower financial costs for the quarter suggesting expectations of a slowdown in petrochemicals did not materialize," Muhammad Faisal Potrik, research analyst at Riyad Capital said in a note. Shares in SABIC rose 0.5 percent after posting a 54 percent jump in quarterly net profit of SR8.2 billion ($2.2 billion). Most petrochemical stocks rose in late-buying with valuations bringing back buyers. In the UAE, Abu Dhabi's benchmark slumped to a fresh 30-month low, dropping 0.3 percent to 2,447 points. Dubai's index shed 0.6 percent to 1,358 points, its lowest close since March 3. Qatar index slipped 0.8 percent to 8,400 points. Oman index fell 0.4 percent to 5,540 points. Kuwait measure eased 0.02 percent to 5,897 points. Bahrain measure eased 0.04 percent to 1,148 points. Egypt index declined 0.8 percent to 4,215 points. "We've been losing ground every day on thin trade and international markets haven't been helping, with a return to uncertainty with regards to euro debt crisis," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. Aldar Properties and Sorouh Real Estate, fell to new all-time lows, dropping 2 and 2.2 percent respectively. Aldar is down more than 90 percent from a 2008 peak. "The market is looking at the real estate sector in a negative way due to the fact we're still in a conservative investment mode," said Shurrab. "The only catalyst is the Q3 numbers - if the numbers come in at least in-line or above expectations." Emaar Properties slipped 0.4 percent and Dubai Financial Market declined 2.8 percent. Builder Arabtec dropped 2.3 percent. Traders say retail investors are dominant, with institutions largely absent from the UAE's markets, although attractive valuations could draw in buyers.
