Gulf markets quiet; Egypt stocks hit by blue-chip selloff

DUBAI: The Egyptian stock market ended lower on Sunday after a retreat in shares in its blue-chip index, while trade on major Gulf markets was quiet.

Egypt's blue-chip index declined 1.2%, as most of the stocks on the index fell, including Commercial International Bank, which was down 1.7%.

Stock exchange data showed Egyptian investors were net-sellers of the stocks.

Saudi Arabia's benchmark index closed up 0.1%, with the Gulf's largest petrochemical maker Saudi Basic Industries rising 1%, while Almarai advanced 3.4% following an increase in quarterly net profit.

The dairy producer reported a net profit of 621.5 million riyals ($165.70 million) in the third quarter, up from 581 million riyals a year earlier.

Dubai's main share index dropped 0.6%, pressured by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 1.8% decline in logistics company Aramex.

The Abu Dhabi index slipped 0.2%, hit by a 1.4% fall in Abu Dhabi Commercial Bank and a 0.2% drop in the country's largest lender First Abu Dhabi Bank. In Qatar, the index edged up 0.1%, helped by a 2.5% gain in Qatar Insurance.