#Saudi bourse extends losses; #Dubai at 8-year high | Reuters

Saudi bourse extends losses; Dubai at 8-year high | Reuters

Saudi Arabia's stock market extended losses on Wednesday as profit booking continued after the index hit a nine-month high last week, while the Dubai bourse traded at an eight-year high.

Saudi Arabia's benchmark index (.TASI) dropped 0.8%, on track to extend losses for a fourth session, weighed down by a 1.5% fall in Al Rajhi Bank (1120.SE).

Among other losers, Saudi National Bank (1180.SE) retreated 1.9%, as the kingdom's biggest lender traded ex-dividend.

Dubai's main share index (.DFMGI) rose 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1.1%.

In Qatar, the index (.QSI) fell 0.8%, on course to snap a 15-day winning streak, as most of the stocks on the index were in negative territory including Qatar National Bank (QNBK.QA), which was down 0.6%.

The Abu Dhabi index (.FTFADGI) added 0.3%, with Emirates Telecommunications Group Company e& (EAND.AD) rising 0.6% after reporting an increase in second-quarter profit.

Also, Czech PPF Group said on Tuesday that e& would pay 2.2 billion euros up front to acquire a controlling stake in its telecoms assets in Bulgaria, Hungary, Serbia and Slovakia.

Oil prices - a key catalyst for the Gulf's financial markets - surged by almost 1%, trading near their highest since April, as crude and fuel product inventory data showing robust demand from the world's biggest fuel consumer, the United States, offsetting demand concerns elsewhere.