MIDEAST STOCKS-Gulf markets succumb to profit-taking after bumper week | Reuters

MIDEAST STOCKS-Gulf markets succumb to profit-taking after bumper week | Reuters:



"* Most markets ease from multi-year highs



* Property stocks weigh on Dubai



* Some blue chips in Abu Dhabi buck the trend



* Most stocks down in Qatar



* Al Rajhi Bank drags down Saudi index after poor Q1 results



By Olzhas Auyezov

DUBAI, April 13 (Reuters) - Most stock markets in the Gulf fell on Sunday as investors booked profits after a particularly strong week and Saudi Arabia's Al Rajhi Bank published first-quarter earnings that missed analysts' estimates.



Dubai's bourse retreated 1.7 percent to 4,759 points after gaining 4.8 percent last week on a relatively light news flow and with most first-quarter results yet to come.



Heavyweight Emaar Properties contributed most to the decline, sliding 2.9 percent to 10.20 dirhams. Shares in most property and construction companies also dropped.



"I think basically it is profit-taking," said Sanyalak Manibhandu, manager of research at NBAD Securities. "DFM made four new 12-month highs last week - it was really pushed up on not much news.""



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