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MIDEAST STOCKS-Bearish sentiment thwarts mkt rally; Saudi near-flat

Reuters

* Gulf investors are hesitant to take long positions

* Major Saudi banks erase prior session's gains

* Dubai, Abu Dhabi fall back towards Thursday's 28-month lows

By Celine Aswad

DUBAI, Jan 25 (Reuters) - Major Gulf bourses retreated on Monday, erasing some of the previous day's gains with investors unconvinced markets can mount a sustainable rebound.

Riyadh's index was near-flat, slipping 0.02 percent to 5,610 points as day traders booked quick profits to take its 2016 losses to 18.8 percent. It had gained 2.7 percent on Sunday after oil prices rallied late last week, but crude's renewed weakness has again sapped Saudi market confidence.

WERBUNG

The petrochemical sector, the main influence on market direction of late, dropped 0.2 percent.

Al Rajhi Bank fell 0.8 percent after surging 5.9 percent on Sunday.

The Islamic lender, which was one of the last banks to report earnings, made a fourth-quarter net profit of 1.95 billion riyals ($519.6 million) that forecasts.

Samba Financial Group, another lender to post better-than-expected results, slid 1.3 percent.

Saudi Arabia's fourth-quarter earnings season has ended. The combined profits of the kingdom's listed companies shrunk 16.1 percent from the same period last year, according to Riyadh's NCB Capital. The firm said results were also 29 percent below analysts' average forecasts.

Petrochemical companies were the worst performers, while banking and food sectors were the best.

UAE, QATAR

Many stocks in the Gulf are considered cheap by traders and fund managers, even after Sunday's rally. But investors have become skittish, gripped by uncertainty over whether markets have truly turned a corner and so they could not retain Monday's initial gains.

Dubai's index fell 1.9 percent to 2,704 points, 82 points away from Thursday's 28-month low.

"On the daily chart, Dubai's benchmark traded below both the critical neckline resistance of 2,800 points and the important moving averages," said Shiv Prakash, senior research analyst at Abu Dhabi's NBAD Securities. "Any near-term bounce will be considered a dead cat bounce."

Arabtec, a stock favoured for speculative trade, fell 5.0 percent, erasing some of previous day's 10.0 percent rise. Emaar Properties, which surged 8.0 percent on Sunday, fell 2.8 percent.

Abu Dhabi's index also failed to hold onto gains, dropping 0.6 percent. It also hit a 28-month low on Thursday.

Dana Gas, the most traded stock, fell 2.4 percent.

Qatar's benchmark gave back early-session gains to end 1.5 percent lower. It is down 15.2 percent this year.

Egypt's bourse was closed for a holiday.

MONDAY'S HIGHLIGHTS

SAUDI ARABIA

* The index slipped 0.02 percent to 5,610 points.

DUBAI

* The index fell 1.9 percent to 2,704 points.

ABU DHABI

* The index fell 0.6 percent to 3,815 points.

QATAR

* The index dropped 1.5 percent to 8,849 points.

OMAN

* The index climbed 0.5 percent to 4,966 points.

KUWAIT

* The index dropped 0.7 percent to 4,938 points.

BAHRAIN

* The index slipped 0.7 percent to 1,150 points.

(Editing by)