September 26, 2018 / 2:35 PM / 20 days ago

MIDEAST STOCKS-Saudi stocks slip on profit-taking, other markets up

* Saudi index retreats after recent gains

* SABIC, Ma’aden, Savola all fall

* Banks lift Dubai, Abu Dhabi indexes

* Commercial International Bank boosts Egypt

By Tom Arnold

DUBAI, Sept 26 (Reuters) - Saudi Arabian stocks dipped on Wednesday as investors booked profits, while shares in most other parts of the Middle East gained ground led by Egypt, where Commercial International Bank continued its recent surge.

Profit-taking in Saudi followed the index on Tuesday closing above its 200-day average, which analysts say is a positive technical signal for the market.

Market heavyweight Saudi Basic Industries Corp (SABIC) slipped 1.4 percent, while Saudi Arabian Mining Co (Ma’aden) and Savola Group 2050.SE> both fell 2.1 percent. The Saudi index dropped 0.2 percent.

In Dubai, bank and property stocks surged, helped in part by a recent Reuters report that the UAE Banks Federation was considering asking the central bank to relax mortgage lending rules to help stimulate the property market.

Emirates NBD, Dubai’s largest bank, surged 1.7 percent, while Dubai Islamic Bank gained 1.0 percent. Emaar Properties added 0.8 percent, helping the Dubai index climb 0.8 percent.

In Abu Dhabi, banks were also among the main movers. First Abu Dhabi Bank climbed by 1.3 percent and Abu Dhabi Commercial Bank gained 1.0 percent.

Abu Dhabi’s index climbed by 0.8 percent.

In Egypt, CBI added 1.9 percent, taking its climb in the last three days to 2.9 percent. Tobacco manufacturing company Eastern Company grew 4.5 percent. Egypt’s main index climbed 1.8 percent to its highest level since Sept. 18.

SAUDI ARABIA

* The index closed down 0.2 percent at 7,894 points

DUBAI

* The index closed 0.8 percent up to 2,776 points.

ABU DHABI

* The index rose 0.8 percent to 4,930 points.

QATAR

* The index added 0.2 percent to 9,729 points.

KUWAIT

* The main index rose 0.06 percent to 5,337 points.

BAHRAIN

* The index dropped 0.4 percent to 1,350 points.

OMAN

* The index rose 0.4 percent to 4,501 points.

EGYPT

* The index rose 1.8 percent to 14,612 points. ($1 = 3.6730 UAE dirham) ($1 = 17.8600 Egyptian pounds) ($1 = 3.7503 riyals) (Aditional reporting by Andrew Torchia; Editing by Toby Chopra)

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