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Saudi Arabian stocks extended losses on Tuesday as traders continued to book profits after the benchmark index hit a nine-month high last week, while the Qatari index rose for a 15th consecutive session.

Saudi Arabia’s benchmark index dropped 0.5%, hit by a 0.9% fall in Al Rajhi Bank as the lender traded ex-dividend, while Dr Sulaiman Al-Habib Medical Services was down 1.5%.

Elsewhere, East Pipes Integrated Co declined 3.5%, to be the top loser on the index, a day after posting quarterly loss.

The Qatari index gained 1.3%, rising for a fifteenth consecutive session, buoyed by a 2.8% jump in petrochemical maker Industries Qatar.

The Qatari stock market extended its gains supported by some increases in natural gas prices as well as strong performances in the banking sector, said Farah Mourad, Senior Market Analyst of XTB MENA.

“The positive sentiment could help the market rise above its previous peak.”

Dubai’s main share index added 0.4%, hitting its highest since late 2015, driven by a 3.7% increase in blue-chip developer Emaar Properties.

Most Gulf markets rise on corporate earnings, oil; Saudi extends losses

In Abu Dhabi, the index eased 0.1%.

Oil prices edged lower on signs of profit-taking after rallying in July when investors wagered on tightening global supplies and demand growth in the second half of the year.

Outside the Gulf, Egypt’s blue-chip index lost 0.5% as most of the stocks on the index were in negative territory including Eastern Company, which retreated 6%.

Egypt’s net foreign assets (NFAs) fell further into deficit in June, with the gap widening by 82.1 billion Egyptian pounds ($2.66 billion) from the previous month to negative 837.3 billion pounds, according to central bank data.

=======================================
 SAUDI ARABIA    fell 0.5% to 11,636
 ABU DHABI       lost 0.1% to 9,779
 DUBAI           rose 0.4% to 4,077
 QATAR           gained 1.3% to 11,108
 EGYPT           lost 0.5% to 17,514
 BAHRAIN         was flat at 1,992
 OMAN            rose 0.3% to 4,790
 KUWAIT          dropped 0.3% to 8,035
=======================================

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