JEDDAH: Stock markets across the Gulf were mixed Monday as lower prices attracted buyers following Sunday's sharp drops that were sparked by turmoil in Egypt. Saudi stock benchmark Tadawul All Share Index fell 1 percent to 6,357.03 points at close Monday as Egypt unrest spurred selling. However, shares in Zain Saudi Arabia rose after Kingdom Holding announced its bid for a stake in the telecoms operator. Zain Saudi and Kingdom each climbed 4.1 percent. Kingdom has offered to buy Zain's entire stake in its Saudi Arabian unit, paving the way for the Kuwaiti firm's proposed stake sale to UAE's Etisalat. “I don't think Kingdom will pay a premium. The bid will be priced near to Zain Saudi's book value, which is SR4.3 per share,” said Hesham Tuffaha, Bakheet Investment Group head of research. Nevertheless, Zain Saudi remains an attractive proposition for Kingdom because of Saudi Arabia's large, young population, while the firm has been trying to get into the local telecoms sector for some time, Tuffaha added. The DFM General Index retreated 0.6 percent after earlier gaining as much as 1.2 percent. Qatar's QE Index climbed 0.4 percent, Kuwait's SE Price Index rose 0.6 percent and Oman's MSM30 increased 1.6 percent. Bahrain's BB All Share Index fell 0.2 percent. Qatar's index rebounded, tracking gains in other Gulf markets as lower prices attracted buyers following Sunday's sharp drops that were sparked by turmoil in Egypt. Industries Qatar rose 1.1 percent, Commercial Bank of Qatar added 1.3 percent and Doha Bank climbed 2.4 percent. The index rose 0.4 percent to 8,748 points. Abu Dhabi-listed Dana Gas rose after reporting above-forecast fourth-quarter profit, while property stocks also gained as UAE markets rebounded after steep falls a day earlier that were sparked by Egypt unrest. Abu Dhabi's index rose 0.6 percent to 2,576 points, rebounding following Sunday's 3.7 percent drop, its largest in 14 months. Abu Dhabi's index are valued at an average of 7.9 times estimated earnings.
