Saudi- Tadawul erases previous gains on profit taking

(MENAFN- Arab News) JEDDAH: Saudi Arabia's stock market fell back on profit-taking by short-term retail investors on Wednesday while other Gulf markets were mixed.
The Saudi Tadawul All-Share Index which had gained 1.7 percent on Tuesday rose in early trade on Wednesday but dropped in the late afternoon to close 1.6 percent lower.
Alinma Bank retreated 3.7 percent.
Much activity focused on second- or third-tier speculative stocks.
Tihama Advertising rose 2.0 percent after it said it sold land in Jeddah for SR33 million ($8.8 million) while Saudi Fisheries 6sank 5.9 percent.
Dubai's index which had climbed 1.5 percent on Tuesday fell 0.3 percent.
Activity focused on volatile speculative stocks favored by local retail investors such as Arabtec up 2.5 percent and GFH Financial Group up 8.6 percent.
Abu Dhabi rose 0.8 percent its sixth straight daily gain as banks remained firm with First Gulf Bank up 3.7 percent.
Qatar climbed 0.4 percent as Islamic Holding a financial and investment firm that is usually thinly traded jumped 5.2 percent in its heaviest volume since September. It has soared 27 percent from near 16-month lows in the past three days.
The company is boosting its capital by as much as 50 percent through a rights issue; eligibility for the rights closed on Dec. 1 and subscriptions to the issue will run from Dec. 27 to Jan. 13.
Doha Bank fell 1.9 percent after saying it would raise its capital in 2016 to meet strategic business development requirements.
The bank did not give any details of the planned capital-raising.
Markets in Egypt and Bahrain were closed for public holidays; UAE Kuwait and Oman bourses will be shut on Thursday for holidays.