Saudi stocks down as other Gulf markets move up

Saudi shares dropped 0.66 percent on Sunday amid slow trading, reducing gains made the previous day, while most other Gulf shares climbed after a turbulent week because of global economic uncertainty. The Tadawul All-Shares Index (TASI) closed at 6,115.19 points, down by 40.69 points, the limited movement appearing to be mainly the cashing in of profits earned on Saturday. The largest Arab bourse had surged 1.93 percent on its first day of trading of the week on Saturday.All sectors but one were down, but by no more than 0.98 percent registered by the real estate sectors. The petrochemicals sector dropped 0.72 percent. The Kuwait exchange also dropped on Sunday. It opened 0.05 percent up at 5,853.6 points, but slipped later to close 0.53 percent down at 5,819.5 points with almost all sectors closing in the red.Other Gulf markets closed in the green, however. The Dubai Financial Market index continued its rise after returning to positive territory in the latter part of last week.The DFM closed 1.00 percent up at 1,478.67 points, led by Emaar Properties, the developer which built Dubai's Burj Khalifa, which rose 2.17 percent. The DFM had closed 0.21 percent up on Thursday. In neighbouring Abu Dhabi, the general index was up 0.46 percent at 2,600.48 points, with real estate shares closing 0.80 percent up and banks 0.92 percent higher. The market in the United Arab Emirates capital had ended last week's trading in the red, slipping 0.57 percent on Thursday.Qatar Exchange, the second largest Arab bourse, also climbed on Sunday, edging 0.64 percent up in late morning trading before slowing pace to 0.11 percent and closing at 8,116.15 points. It had dropped 0.25 percent on Thursday.Muscat Securities Exchange in Oman also recovered on Sunday, closing up 0.97 percent at 5,479.180 points after being in the red all last week. Bahrain Bourse closed up 0.06 percent at 1,267.10 points. Global markets had recovered on Friday, ending a turbulent week as panic and profit-taking sales kept the markets on a roller coaster.New York's Dow Jones Industrial Average on Friday closed up 125.71 points (1.13 percent) to 11,269.02.The broader S&P 500 was up 6.17 points (0.53 percent) at 1,178.81, and the Nasdaq Composite gained 15.30 points (0.61 percent) to 2,507.98.European markets also rallied on Friday, with London's FTSE 100 index climbing 3.04 percent to 5,320.03 points, Frankfurt's DAX climbing 3.45 percent to 5,997.74 points, and the CAC 40 in Paris rising 4.02 percent to 3,213.88 points.