DUBAI: Most markets in the Middle East edged up on Tuesday with the region emerging from a wave of profit-taking, but Qatar's index dipped as investors adjusted their portfolios ahead of changes in the benchmark composition.
The Doha index fell 0.8 percent to a four-week closing low of 13,728 points and most stocks declined.
Trading focused on property developer Ezdan Holding , which added 1.4 percent. The stock is not part of the main index but will join it on Wednesday along with Mazaya Qatar , which added 0.2 percent.
They will replace Al Khaliji Bank, which fell 0.9 percent, and Al Meera Consumer Goods Co, which added 0.3 percent on Tuesday.
Elsewhere in the region, Dubai's bourse added 0.9 percent on the back of developer Emaar Properties which gained a similar amount. Its subsidiary Emaar Malls Group said on Monday it had raised $1.58 billion in an IPO amid massive demand from investors, making it the largest stock offering in a Gulf Arab economy since 2008.
Emaar chairman Mohamed Alabbar was also quoted as saying on Monday that the company would list its hotels unit in the coming months. He did not elaborate.
Abu Dhabi's bourse was nearly flat as heavyweight banking stocks were mixed.
SAUDI, EGYPT
Saudi Arabia's index continued to recover from a profit-taking bout and rose 0.9 percent, led by banks. Saudi British Bank jumped 2.9 percent, Alinma Bank rose 2.3 percent and Samba Financial Group added 1.8 percent.
The rally may slow down ahead of the Eid al-Adha holiday, with the bourse closed next week, and overall appetite for Saudi Arabia' equities appears to be on the decline.
A Reuters survey showed on Tuesday that Middle East funds have become less bullish about Saudi Arabian stocks after the market surged in recent months on news that foreigners will be allowed to buy local stocks directly early next year.
Seven percent of respondents in the latest monthly survey of 15 leading regional investment managers expected to raise allocations to Saudi Arabian equities in the next three months, while 20 percent expected to reduce them.
That was a big change from the August survey, which found 47 percent expecting to raise their Saudi equity allocations and only 7 percent to reduce them.
Egypt's index rose 0.3 percent. Investment firm Pioneers Holding was the main support, jumping 4.1 percent. The company said on Monday it was in talks with Heliopolis Housing on a new development project.
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