May 4, 2016 / 2:25 PM / 4 years ago

MIDEAST STOCKS-Bourses falls but blue chips rebound lifts Abu Dhabi

* Saudi falls in broad decline

* Dubai closes well off low

* Aldar, ADCB lift Abu Dhabi

* TAQA sinks after saying no talks to sell assets

* Foreign investor favourites slide in Egypt

By Celine Aswad

DUBAI, May 4 (Reuters) - Most stock markets in the Middle East followed global bourses lower on Wednesday because of weak oil prices and concern about lacklustre global growth, but rebounding blue chips lifted Abu Dhabi.

In Saudi Arabia, the main index fell 0.8 percent in a broad-based decline. Many stocks exposed to consumer demand were weak, with retailer Fawaz Alhokair sliding 1.3 percent, but low-cost supermarket chain Alothaim - which could attract more customers during an economic slowdown - rose 2.4 percent.

Dubai’s stock market fell 0.5 percent to 3,308 point but closed 52 points off its intra-day low. It has lost 7.7 percent from a five-month peak hit on April 24.

Most Dubai companies have now reported first-quarter earnings, many of which were in line with or below expectations. Emaar Properties, which early this week reported net profits in line with expectations, retreated a further 1.3 percent.

But Dubai Parks and Resorts added 2.4 percent as rights to a share issue began trading on Wednesday. The trading period for the rights will end on May 18.

Abu Dhabi’s index recovered from early losses and climbed 1.1 percent. Aldar Properties, the largest listed developer, jumped 2.4 percent. The company is due to report earnings next week.

Abu Dhabi Commercial Bank, which had been falling since it reported disappointing earnings last week, rebounded 4.0 percent.

But Abu Dhabi National Energy Co tumbled 6.7 percent after saying it was not in talks with any entity to sell its oil and gas assets. Reuters reported on Sunday that TAQA was considering whether to sell those assets to another Abu Dhabi state-owned entity; according to its 2015 annual report, it has an agreement with a “related party” under which it could do so.

Blue chips weighed on Qatar’s stock index, which fell 0.9 percent. Property developer Ezdan Holding fell for a third straight day, losing 0.9 percent; it is down 7.2 percent since the start of the week.

In Egypt, the main index sank 1.2 percent as concern about the sluggish local economy and the risk of more currency depreciation persisted.

Global Telecom Holding and Commercial International Bank, shares favoured by foreign investors, lost 4.2 percent and 1.4 percent respectively.


* The index fell 0.8 percent to 6,587 points.


* The index declined 0.5 percent to 3,308 points.


* The index gained 1.1 percent to 4,429 points.


* The index fell 0.9 percent to 9,855 points.


* The index dropped 1.2 percent to 7,442 points.


* The index edged down 0.04 percent to 5,373 points.


* The index edged down 0.1 percent to 5,980 points.


* The index rose 0.3 percent to 1,112 points.

Editing by Andrew Torchia and Alison Williams

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