Tadawul Dubai stocks drop

(MENAFN- Arab News) DUBAI: The Saudi Tadawul All-Share Index dropped 0.4 percent to 6987 points although miner Maaden stood out climbing 3.0 percent.
Dubai's stock index dropped 2.4 percent to 3300 points as Emaar Properties fell 3.7 percent.
Egypt's stock market dropped sharply for a third straight day on Tuesday because of speculation about a possible currency devaluation or rise in local interest rates. Gulf markets fell with Qatar hit by concern about looming austerity policies.
The Egyptian index tumbled 4.4 percent to 6825 points bringing its losses in the past three trading days to 9.5 percent. It broke through technical support at its September low; the next support is its August low of 6641 points.
Strong US economic data on Friday raised expectations for a US rate hike next month. Meanwhile the Russian airliner crash in the Sinai threatens to slash Egyptian tourism revenues.
With sagging foreign exchange reserves Egypt is in poor shape to cope with either threat. Its debt insurance costs surged to 18-month highs on Monday and its dollar bond prices fell sharply.
Investors think this could be a prelude to a devaluation a domestic interest rate rise or possibly both. The central bank has not clarified its intentions leaving investors uncertain.
Property firm Palm Hills Development plunged 6.3 percent and investment firm Qalaa Holdings lost 4.4 percent. Commercial and International Bank sank 6.2 percent.
There were rises for a few companies that might benefit from a weaker currency. Exporter Suez Cement gained 3.5 percent while Alexandria Container and Cargo Handling Co. rose 6.2 percent after a 10 percent leap on Monday.
Qatar usually among the most stable of Gulf markets dropped 2.0 percent in a broad-based sell-off. Petrochemicals and metals producer Industries Qatar sank 2.4 percent.
Other Gulf markets were depressed by low oil prices and weak global equities.
Abu Dhabi lost 0.6 percent as Aldar Properties sank 2.6 percent despite reporting a 9.4 percent rise in third-quarter net profit to 634.3 million dirhams ($172.7 million) beating SICO Bahrain's forecast of 490.7 million dirhams.
In Kuwait logistics giant Agility climbed 2.0 percent after reporting a 5 percent rise in third-quarter net profit to 13.7 million dinars ($45.1 million); SICO Bahrain had forecast 12.7 million dinars. Kuwait's stock index was almost flat.