CAIRO: Saudi index ended its daily session on Monday dipping, as investors continued to book gains for the first Quarter of 2012 profits, especially on petrochemicals stocks; which weighted the index down to a five-week low. The index fell by 1 percent to close at 7278, its lowest close since Feb 29. However, bargain hunters lift some banks shares, helping stem the bourse's decline. Bellwether Saudi Basic Industries Corp (SABIC) slipped by 1.3 percent, Nama Chemicals and Saudi Arabian Fertilizers shed 1.4 percent, Saudi Kayan Petrochemical fell by 1.4 percent. “Today loss was expected, as investors booked gains for 1st Quarter, but the market will resume its rally in less than two sessions, in my point of view” an analyst told Bikyamasr.com. Ahmed al-Hassan, an analyst in a brokerage firm, added that market investors, who booked gains in small caps, will stop selling, and start to buy in coming sessions, which will take market up. Dar Al Arkan slipped by 2.3 percent, Emaar Economic City declined by 4.5 percent and Alinma Bank lost 0.7 percent. Banks and financial sector helped stem losses on today session, investors retained confidence in the sector after it posted a strong quarterly earnings. Riyad Bank rose by 0.2 percent, Banque Saudi Fransi climbed by 0.8 percent, while Samba Financial Group gained 2.4 percent. Elsewhere, Dubai's index recorded its largest one-day decline since March, falling by 1.6 percent to close at 1649 points. Abu Dhabi's benchmark closed 0.5 percent lower at 2,500 points, extending its decline to a fourth straight session.
