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Saudi Stocks Fall on Economic Concern; Gypsum Drops on Earnings

July 7 (Bloomberg) -- Saudi Arabia shares fell the most in more than a week as concern economic growth is faltering pushed global stocks lower and after Fitaihi Holding Group and National Gypsum Co. posted lower quarterly earnings.

The kingdom’s Tadawul All Share Index retreated 1.1 percent, the most since June 29, to 6,056.41, led by Saudi Basic Industries Corp., the world’s largest petrochemical company. The benchmark rose 1.6 percent yesterday. Fitaihi and National Gypsum Co. slid the most in more than a month. The Bloomberg GCC 200 Index of Gulf equities fell 0.5 percent and Dubai’s DFM General Index lost 0.9 percent.

The U.S. Institute for Supply Management’s index of non-manufacturing businesses in June fell more than expected to a four-month low from May, according to data published yesterday. Global stocks fell, with the MSCI World Index of developed nations retreating 0.3 percent as of 4:45 p.m. in Dubai.

“All eyes are on the U.S.,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “We will resume downward trading. Yesterday was a short lived rally.”

Fitaihi retreated 2.8 percent, the most since May 25, to 12.3 riyals. The Saudi Arabian owner of jewelry stores said second-quarter profit slid more than 50 percent to 2.1 million riyals ($560,000) from 4.8 million riyals a year earlier.

National Gypsum lost the most since June 5, decreasing 2.8 percent to 31.3 riyals. The Saudi Arabian maker of building materials said second-quarter net income fell 32 percent to 16.4 million riyals. Saudi Basic lost 3.7 percent, the most since June 29, to 85 riyals.

Qatar Gains

Qatar’s QE Index increased 0.4 percent. Qatar National Bank SAQ, the company with the biggest weighting on the country’s index, gained 0.8 percent to 135.5 riyals after posting a 36 percent increase in net income, beating all six analyst estimates on Bloomberg.

The Kuwait Stock Exchange Index climbed 1.3 percent, the most since May 10, and Oman’s MSM30 Index advanced 0.7 percent. Bahrain’s gauge retreated 0.2 percent while Abu Dhabi’s benchmark index increased less than 0.1 percent.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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