Most Arab Bourses Tumble

Persian Gulf Arab stock markets mostly edged down on Sunday with Saudi Arabia pulling further away from a major resistance level, although a surge by fuel distributor ADNOC Distribution buoyed Abu Dhabi, Reuters reported.

The Saudi index slipped 0.3% to 7,518 points in the first hour, pulling away from the July peak of 7,586 points.

Dairy company Almarai dropped 1.9% after reporting fourth-quarter net profit of 513 million riyals ($137 million), down from 536 million riyals a year ago and below forecasts of 549 million riyals by SICO Bahrain and 531 million riyals by NCB Capital. It blamed a 2.6% decline in revenue on the loss of sales to Persian Gulf and export countries, in an apparent reference to the embargo on Qatar.

Savola, Saudi Arabia’s largest food producer, slid 2.2%. Saudia Dairy and Foodstuff Co fell 1.6% after reporting a 14% decline in quarterly profit, as sales shrank slightly.

In Dubai, the index fell 0.3% as most property developers weakened, with DAMAC down 1.2%. Qatar’s index also dropped 0.4%.