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Stock markets in the Gulf fell on Sunday as investors took profits, taking their cue from a dip in Brent oil futures at the end of last week, while concerns over security risks put pressure on Egyptian shares.
Riyadh's stock index dropped 1.0 percent, weighed down by the two largest sectors, banks and petrochemicals. Samba Financial Group and Saudi Basic Industries, the largest listed stock by market value, fell 2.0 and 1.2 percent respectively.
But some retail industry shares, which had largely been weak since reporting quarterly results last month, outperformed the market with Fawaz Alhokair, which owns Saudi rights to clothing brands such as Mango and Banana Republic, surging 9.6 percent. The stock has rebounded 25.5 percent since late last week.
An HSBC research note said the company was trading at a discount to its peers on a forward valuation basis, even after pricing in some risks to its earnings from a structural slowdown in the Saudi retail sector.
Dubai's index fell 0.7 percent to 3,209 points in thin trade as investors sold across the board. Emaar Properties and DAMAC Properties dropped 1.1 and 1.8 percent.
The index confirmed a break below technical support on the late March and early May lows of 3,248-3,256 points. That triggered a bearish head & shoulders pattern formed by the highs and lows since March and pointing down to the 2,800-point area.
Dana Gas and Etisalat were the main drags on Abu Dhabi's index, which lost 1.1 percent. Shares in the natural gas explorer and the telecoms operator dropped 1.9 and 2.6 percent.
Blue chips also weighed on Qatar's stock market with telecoms group Ooredoo down 3.6 percent. The main index dropped 1.8 percent.
Cairo's main index erased early gains and edged down 0.1 percent in low volume as international funds sold, bourse data showed.
"The geopolitical risk, after the disappearance of the EgyptAir flight, is back on high and has quelled some of the market's recent gains," a Cairo-based trader said.
The cause of the EgyptAir crash has not yet been established. Tourism-related shares were hit on Sunday with Porto Group Holding, a resort operator, slumping 3.3 percent.
But Global Telecom Holding bucked the trend and added 1.0 percent in its fourth straight session of gains.

Copyright Reuters, 2016

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