Saudi bourse extends losses; Dubai at 8-year high

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, reports Reuters.
Saudi Arabia's benchmark index dropped 0.8 per cent, on track to extend losses for a fourth session, weighed down by a 1.5 per cent fall in Al Rajhi Bank.
Among other losers, Saudi National Bank retreated 1.9 per cent, as the kingdom's biggest lender traded ex-dividend.
Dubai's main share index rose 0.2 per cent, with blue-chip developer Emaar Properties advancing 1.1 per cent.
In Qatar, the index fell 0.8 per cent, 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, which was down 0.6 per cent.
The Abu Dhabi index added 0.3 per cent, with Emirates Telecommunications Group Company e& rising 0.6 per cent 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 per cent, 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.