JEDDAH – Gulf markets were mixed Sunday ahead of third-quarter corporate earnings. In Saudi Arabia, petrochemical stocks weighed on the index , coming under selling pressure ahead of earnings announcements. Saudi stock benchmark Tadawul All Share Index fell 0.36 percent to 6,863.29 points. Heavyweight Saudi Basic Industries Corp. ended 1.1 percent lower as did Rabigh Refining and Petrochemical Co. The petrochemical index declined 0.7 percent. “Selling pressure on the petrochemical stocks are dragging the index lower, due to fears over third-quarter earnings,” said a Saudi-based trader, declining to be identified. Elsewhere, Abu Dhabi's index ended 0.08 percent lower and Bahrain's measure also fell, ending 0.7 percent lower. Oman's benchmark ended slightly higher. Oman index climbed 0.07 percent to 5,650 points while Qatar benchmark rose 0.3 percent to 8,502 points. Bahrain measure declined 0.7 percent to 1,071 points. Kuwait measure rose 0.2 percent to 6,006 points. Dubai's benchmark index extended its rally to hit a 23-week high Sunday, with real estate stocks attracting buyers amid renewed momentum in the once-troubled sector. Emaar Properties rose nearly 2 percent. – SG/Reuters , while Union Properties advanced 3.1 percent and Deyaar climbed 0.5 percent. Dubai's index rose 1 percent to 1,644 points, its highest close since April 26. “The real estate sector in Dubai has been picking up and investors are expecting this to be reflected on the real estate sector shares,” says Nabil Al Rantisi, managing director at MENA Corp. “Markets look in good condition. The only thing at the moment that could stop this is more instability in the geopolitical situation in the region.” Developers unveiled billion-dollar projects and new high-end residential developments at Dubai's annual Cityscape property show last week, with the mood at the event at its most upbeat since 2008. Markets in Qatar and Kuwait also rose. Qatar Telecom advanced 0.1 percent, paring back gains from early in the session after the operator said it had raised its stake in Kuwait's Wataniya to 92.1 percent in a $1.8 billion deal. – SG/Reuters
