* Third day of profit-taking in Saudi after FTSE decision* Qatar stocks keep rising on higher foreign ownershiplimits
* Dubai's Emaar Properties at new 23-month low* Bahrain ignores news of big oil find* Egyptian Chemical soars in heaviest trade for decadesBy Katie PaulDUBAI, April 2 (Reuters) - Saudi Arabia's stock marketclosed down on Monday, falling for a third straight day afterFTSE Russell decided last week to upgrade the bourse to emergingmarket status. The rest of the region was mixed but Qatarcontinued climbing.The Saudi index shed 0.2 percent in active trade,which analysts attributed to moderate profit-taking after amonths-long surge preceding FTSE's decision.The biggest contributor to the index's drop was propertydeveloper Dar al-Arkan , down 5.4 percent. SaudiTelecom , which analysts at NCB Capital said was likelyto be hurt this year by regulatory changes scrapping a ban oninternet telephone calls, dropped 1.3 percent.Al Rajhi Bank , which attracted hundreds ofmillions of dollars of fresh foreign money earlier this year onexpectations that it would be a major constituent of the FTSEindex, slipped in early trade but rebounded to close up 0.5percent.Most fund managers believe FTSE inclusion is a long-termpositive for Saudi stocks as interest in the market from abroadremains high, but say many stocks are fully valued for now. STC,for example, is trading at over 16 times trailing earnings.Foreign investors bought a net $301 million of stocks lastweek, the third highest total on record, according to exchangedata released on Sunday.The Qatari index rose for a second day, gaining 0.7percent after Qatar Petroleum said on Saturday that foreigninvestors would be able to hold up to 49 percent of fouraffiliates. Raising foreign ownership ceilings increases stocks'weightings in emerging market indexes.Gains were led by Qatar National Bank and Masrafal-Rayan, which were up 1.1 percent and 1.4 percentrespectively.The Dubai index dropped 0.9 percent, weighed downby a 2.6 percent drop by Emaar Properties to a23-month closing low amid long-standing concern about the localreal estate market outlook. Neighbouring Abu Dhabi's index closed roughly flat.Bahrain's bourse fell 0.7 percent, largely ignoringthe government's announcement on Sunday that it had discoveredthe country's largest oilfield in decades. Details were notprovided. In Kuwait, the market was divided into three segments onSunday as part of reforms designed by the exchange to boostliquidity and attract more foreign money: the premier market,the main market and the auction market.The index of the premier market , home to the largestand most liquid companies, fell 1.0 percent.Egypt's blue chip index rose for a sixth straightday, buoyed by last week's interest rate cut.Egyptian Chemical Industries , which is close tocompleting a new ammonia and urea production facility, rocketedin heavy trade for a third straight day, recording its highestvolume since it listed in the early 1990s. It last traded 14.5percent higher.
SAUDI ARABIA* The index fell 0.2 percent to 7,783 points.
DUBAI* The index dropped 0.9 percent to 3,107 points.
ABU DHABI* The index edged down 0.04 percent to 4,582 points.
QATAR* The index rose 0.7 percent to 8,729 points.
EGYPT* The index gained 0.5 percent to 17,685 points.
KUWAIT* The index fell 1.0 percent to 4,895 points.
BAHRAIN* The index lost 0.7 percent to 1,295 points.
OMAN* The index rose 0.3 percent to 4,750 points. (Editing by Andrew Torchia)
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