July 3, 2018 / 1:13 PM / 4 months ago

MIDEAST STOCKS-Saudi stocks see selling pressure; DSI down again in Dubai

* NCB, Al Rajhi Bank, Samba, SABIC see profit taking

* Emirates NBD and Emaar Development buoy Dubai

* Drake & Scull sinks again

* Egypt closes 0.4 percent up

By Tom Arnold

DUBAI, July 3 (Reuters) - Saudi Arabia’s stock market was under pressure on Tuesday as investors sold blue-chip stocks, while Dubai’s index was buoyed by banks and property shares.

Investors were also taking stock of an announced commitment by the kingdom to keep balance and stability in the oil market. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports.

National Commercial Bank, the largest bank in Saudi Arabia, closed 1.9 percent down, while Al Rajhi Bank , the second-largest lender, finished 0.9 percent lower. Samba Financial Group was 1.3 percent down.

Saudi Basic Industries Corporation closed 0.8 percent lower.

The kingdom’s blue-chip names have sucked in huge inflows of foreign investment in recent months in anticipation of the bourse’s upgrade to emerging markets status. Last month, MSCI said it would start including the Saudi bourse in its benchmark emerging market index.

The Saudi index was lower at 0.5 percent.

In Dubai, Emirates NBD and Emaar Development drove gains, up 1.4 percent and 2.0 percent respectively.

Gulf General Investments Co was one of the biggest climbers, rising 1.9 percent after the company said on Monday it had received regulatory approval to reduce its share capital to 586.7 million dirhams from 1.79 billion dirhams. The move takes effect from July 15.

Shares of Drake & Scull International sank 9.9 percent, bringing losses to 73 percent in the year to date, making it one of the worst performing stocks on the Dubai index.

DSI has been lagging as a result of concerns about its financial position, business outlook and the outcome of a probe into “violations” by previous management.

Abu Dhabi’s index closed 0.2 percent down. Emirates Telecommunications Group closed 0.6 percent down.

In Egypt, Commercial International Bank was the main upward driver, rising by 1.2 percent. The overall index was up 0.4 percent.

SAUDI ARABIA

* The index fell 0.5 percent to 8,236 points.

DUBAI

* The index rose 0.3 percent to 2,839 points.

ABU DHABI

* The index fell by 0.2 percent to 4,570 points.

QATAR

* The index rose 0.5 percent to 9,188 points.

KUWAIT

* The index added 1.5 percent to 5,001 points.

BAHRAIN

* The index was up 0.08 percent to 1,311 points.

OMAN

* The index fell 0.4 percent to 4,537 points.

EGYPT

* The index was up 0.4 percent at 16,421 points.

Editing by Catherine Evans

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