JEDDAH: Saudi Arabian shares retreated the most in two months after fourth-quarter earnings at Saudi Basic Industries Corp. (SABIC) missed analysts' expectations. Qatar's stock index fell the most since November. SABIC dropped the most in six months. Saudi Arabian Mining Co. decreased for a fourth day after it posted a fourth-quarter loss. The Tadawul All Share Index declined 0.86 percent, the most since Nov. 23, to 6,657.73 at close Wednesday. The measure has slipped 0.9 percent this week, snapping a seven-week rally. "There's a little disappointment that SABIC's numbers missed estimates," said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. SABIC's profit advanced 27 percent to SR5.81 billion ($1.55 billion) from SR4.58 billion a year earlier. The median of five analysts' estimates was for a profit of SR6.14 billion. The shares fell 3.2 percent, the most since July 20, to SR107.25. They have gained 20 percent in the past 12 months. The decline in Saudi shares "is a short-lived over-reaction to SABIC earnings considering the petrochemical cycle. The results triggered some profit-taking after a recent rally in the Saudi market," Gulfmena's Arabi said. The Tadawul has risen 5.4 percent since the end of November. Saudi Arabian Mining retreated as much as 3.6 percent, the most since June 29, to SR22.5 before closing at SR23.15. Saudi Arabian Amiantit Co. slumped as much as 10 percent to SR18.5 after the maker of fiberglass said fourth-quarter profit dropped 35 percent. The shares closed at SR20. Credit Suisse Group AG, EFG-Hermes Holding SAE and Morgan Stanley recommended the Kingdom's shares in reports this month, citing stronger oil prices. Elsewhere, Dubai's DFM General Index and Oman's MSM 30 Index fell 0.2 percent, while Kuwait's SE Price Index was little changed. Qatar's QE Index retreated 1.3 percent, also the most since Nov. 23. Bahrain's gauge dropped less than 0.1 percent. Abu Dhabi's ADX General Index slipped 0.1 percent. Qatar's QE Index retreated 1.3 percent, also the most since Nov. 23.
