Mideast Stocks: Most Gulf markets fall on continued profit-taking

Mideast Stocks: Most Gulf markets fall on continued profit-taking

Most stock markets in the Gulf ended lower on Thursday as traders continued to book profits following recent gains, with the Saudi index posting its first weekly loss in five. Saudi Arabia's benchmark index dropped 0.9%, extending losses to a fifth session after it hit a nine-month high last week, weighed down by a 4.8% fall in Banque Saudi Fransi.

The index also posted its first weekly loss in five, falling 4% - its biggest weekly loss since mid-March. The Saudi stock market was recording a volatile trading session as traders considered the strong local fundamentals on the one hand and changing sentiment globally on the other, said Ahmed Negm, Head of Market Research MENA at XS.com.

"The main index has accumulated losses this week after a strong rebound and could stabilize later on."

Dubai's main share index dropped 0.8%, retreating from an eight-year high hit in the previous session, dragged down by a 3.2% decline in top lender Emirates NBD.

In Abu Dhabi, the index 0.4%, with Emirates Telecommunications Group losing 1.4%. The company's CEO Hatem Dowidar told CNBC Arabia on Wednesday his company was seeking to increase its stake in Vodafone to 20%. Its ownership as of April stood at 14.61%, according