World oil markets are pushing on regional bourses

From Celine Black

Dubai January 21 (Reuters) - Most stock markets fell in the Middle East on Thursday, with investors still concerned about the chronic weakness in oil prices and the decline in global stock markets but the Saudi bourse rose backed by shares of petrochemical companies.

And petrochemical stocks rallied in the last hour of the trading session to push the main index of the Saudi market, closing up 0.1 percent at 5464 points.

He added the company Saudi Basic Industries Corp (SABIC), the largest producer of petrochemicals in the Kingdom 1.7 percent to 61.75 riyals. The stock fell 19.5 percent since the beginning of the year.

The director of the Governor of Jeddah in the "swing factor in oil markets Although technical factors appear exaggerated to sell most of the stock, but it will not be investors have confidence in any kind of analysis of what Brent crude continued to below $ 30."

Brent fell 26 percent in January and is heading for its biggest monthly decline since 2008. Economists believe that the Saudi budget announced last month developed based on the average price for a barrel of Brent crude at about $ 40. If Brent continued below $ 30, the government have to make further cuts in spending.

Saudi companies are facing pressure in conjunction with the announcement of its results for the fourth quarter of last year. Shares of Savola Group 6.6 percent despite the company's record 18.6 percent increase in net profit to 515.3 million riyals (137.3 million dollars), compared with an average analysts' expectations for profit of 478.5 million riyals.

And Saudi Telecom shares fell in early trading, but closed up 0.9 percent. The company recorded a decline amounted to 20.2 percent in fourth-quarter profit. The net profit of 1.95 billion riyals, compared to analysts' expectations for profit of 2.36 billion riyals.

hares rise Saudi Arabian Mining Company (Maaden) 2.5 percent despite the fact that its results came in below expectations. The company recorded a net loss of 5.7 million riyals and said it will not pay a dividend for 2015.
Hui and share Fawaz Abdulaziz Alhokair 8.4 percent after the retailer recorded a 14.2 percent decline in net profit for the third quarter. The profit amounted to 91.2 million riyals.
NCB Capital said in a note on the Hukair "We believe that the disappointing results were mainly due to the negative impact of exchange rate fluctuations, which damaged its foreign revenue and margins." The NCB Capital forecast that Hukair record quarterly profit of 130 million riyals.
But Emaar Economic City rose 5.3 percent after the company recorded a 129 percent increase in profit last quarter.
Dubai fell 0.6 percent market index to 2622 points, its lowest level in 28 months. Saudi shares fell 3.4 percent to the airline, its lowest closing level since July 2013. The decreased Drake & Scull Construction shares 2.6 percent to a record low.
However, Arabtec Construction rose 1.9 percent, trimming its losses since the beginning of the year to 6.3 percent.
And dispelled the general index of the Abu Dhabi weak early gains to fall 0.8 percent to its lowest level in 28 months. The two shares fell two leading figures First Gulf Bank and National Bank of Abu Dhabi 2.9 and 1.4 percent respectively.
But the two sagittal Energy Dana Gas and Abu Dhabi National Energy have risen 5.3 and 7.7 percent (energy).
And Qatar's index fell 1.2 percent, with the focus on the wave of selling shares of real estate companies. Scored Barwa Real Estate biggest loser, falling 5.3 percent.
Decline in the main index of the Egyptian Stock Exchange 1.1 percent to 5713 points, its lowest close since September 2013 with the continued exit of foreign funds.

She said a trader from Cairo, "the Egyptian stock market received a double blow .. Fmdero Atforeigon foreign funds from equities to invest in safe assets or liquidity measure and there are also Arab investors who are distancing from the region because of the oil."

Shares in TMG for Real Estate Development's favorite foreign funds 4.1 percent.

The following is a close Arab stock market indices levels:

Saudi Arabia .. index increased 0.1 percent to 5464 points.

Dubai .. The index fell 0.6 percent to 2622 points.

.. Abu Dhabi index fell 0.8 percent to 3737 points.

Qatar .. index down 1.2 percent to 8584 points.

Egypt .. index fell 1.1 percent to 5713 points.

Oman .. The index fell 0.5 percent to 4867 points.

Kuwait .. index fell 0.8 percent to 4946 points.

Bahrain .. index fell 0.3 percent to 1165 points.

(Preparation Alaa Rushdie Arab Bulletin - edit Ahmed Inspirational)