* Saudi index fails to confirm break of major chart barrier
* Banking, petrochemical sectors still underperforming
* Economic signs spur retailer Jarir Marketing
* Dubai's Arabtec rises after new CEO appointed
* Foreign investors still net buyers in Egypt
By Andrew Torchia
DUBAI, Nov 29 Saudi Arabia's stock market gave
up early gains by the close on Tuesday as oil prices pulled
back, while other Gulf bourses were mixed. Profit-taking pulled
Egypt' market lower after big gains this month.
The Saudi index has soared over 25 percent - almost
entirely erasing its losses this year - since the government's
$17.5 billion international bond issue in late October eased
fears about its ability to cope with an era of cheap oil, and
helped it begin making delayed payments to settle its debts to
In early trade on Tuesday the index rose as much as 0.7
percent. But Brent crude oil fell around 2 percent to
below $47.50 a barrel on Tuesday afternoon on signs that oil
exporters were struggling to agree a deal to cut production.
This pulled the stock index down 0.1 percent in active trade
to 6,897 points at the close. It failed to confirm a clear break
of major technical resistance on the April peak of 6,876 points.
The banking and petrochemical sectors,
which led the market up during most of its rebound this month,
underperformed on Tuesday; banks dropped 0.3 percent and
petrochemicals lost 0.6 percent.
Much activity focused on smaller stocks with retailer Jarir
Marketing, beaten down earlier this year by economic
slowdown due to low oil prices, jumping 6.1 percent.
Central bank data showed cash withdrawals from automated
teller machines edged up in October, suggesting cuts to public
employees' financial allowances might not be hurting consumption
as much as some analysts had feared.
Insurance stocks favoured by local retail speculators
also surged on Tuesday, with Al Rajhi Takaful up 3.9
Speculative activity in small caps also supported markets in
the United Arab Emirates. Dubai's index rose 0.7
percent as Dubai Investments surged 3.2 percent.
Loss-making construction firm Arabtec climbed 2.3
percent after it appointed Hamish Tyrwhitt as new chief
executive; Tyrwhitt was CEO of Australian contractor Leighton
Holdings, since rebranded CIMIC Group, between 2011 and
Abu Dhabi's index edged up 0.1 percent, buoyed by
banks, with Abu Dhabi Commercial Bank adding 1.8
percent. Qatar's index fell 0.5 percent, as Qatar
National Bank slipped 3.7 percent.
Egypt's index fell 0.9 percent as profit-taking
resumed after its 37 percent jump in the weeks after the Nov. 3
float of the Egyptian pound.
But Arabia Investments jumped 7.1 percent after
its nine-month consolidated net loss shrank to 10.3 million
Egyptian pounds ($572,000) from a year-earlier loss of 11
million pounds, while operating revenues rose.
Exchange data showed foreign investors remained net buyers
of Egyptian stocks on Tuesday, by a modest margin of about $2
* The index fell 0.1 percent to 6,897 points.
* The index rose 0.7 percent to 3,334 points.
* The index edged up 0.1 percent to 4,261 points.
* The index fell 0.9 percent to 11,159 points.
* The index fell 0.5 percent to 9,636 points.
* The index edged up 0.1 percent to 5,544 points.
* The index edged down 0.1 percent to 5,481 points.
* The index was flat at 1,177 points.
(Editing by Ruth Pitchford)