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<b>Gulf Shares Fall on Concern That Earnings May Lag Expectations </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Jan. 18 (Bloomberg) -- Gulf shares declined as forecasts Saudi Basic Industries Corp.’s profit will drop stoked concern corporate earnings in the region may be lower than expected.

Saudi Basic, the region’s biggest publicly traded company known as Sabic, declined for a fourth day. Savola Al Azizia United Co., Saudi Arabia’s largest food producer, closed at its lowest level in almost two months after posting its first loss in at least eight years. Qatar National Bank SAQ ended the day at the lowest level since October.

Saudi Arabia’s Tadawul index dropped 1.1 percent to 4,649.67, bringing the five-day slump to 10 percent. Qatar’s Doha Securities Market Index fell 3.9 percent. The Dubai Financial Market General Index lost 0.4 percent and the Abu Dhabi Securities Exchange General Index retreated 2.9 percent.

“The consensus on Sabic’s numbers is a possible indication of weaker-than-expected fourth-quarter earnings across the region, which is why the markets are under pressure,” said Mohammed Galal, head of foreign institutional sales at Al Futtaim HC Securities in Dubai. “The local sentiment is negative, there is a lack of foreign investment, oil prices are falling and the global markets are weak.”
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