Saudi stocks fall on Almarai

06/04/2011 00:00 AST

The Saudi bourse fell for a third day yesterday, with the first of the earnings results disappointing investors, and Air Arabia dropped to an all-time low in Dubai on a dividend price adjustment.

Almarai Co, the Gulf’s biggest dairy firm by market value, shed 1.1% after it posted a first-quarter net profit gain of just 0.5%.

“Almarai’s numbers disappointed due to pressures from rising raw material prices,” said Amro Halwani, a senior trader at Shuaa Capital in Riyadh.

Saudi Arabia’s measure eased 0.9% to 6,548 points.

Dubai’s measure slipped 0.7% to 1,538 points. Abu Dhabi’s benchmark fell 0.4% to 2,590 points.

Oman’s index edged 0.3% higher to 6,290 points. Kuwait’s measure climbed 0.04% to 6,304 points.

Bahrain’s index added 0.3% to 1,418 points.

Saudi Electricity fell 5.3% after it went ex-dividend.

“Investors are far more selective than they have been in recent weeks resulting in mixed performance within sectors with no major trend to talk of,” said Halwani.

UAE markets edged lower as trading was range-bound .


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