Mideast Stocks: Saudi dips on weak earnings; property shares aid Egypt

SABIC, Tasnee slide on poor Q3 earnings

  
A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Gulf stock markets mostly slipped on Sunday, following a series of disappointing corporate results in Saudi Arabia, while Egypt edged up on property shares.

In Saudi Arabia, the benchmark index .TASI slipped 0.3%, snapping a three-day winning streak, as Saudi Basic Industries (SABIC) 2010.SE fell 1.2% following an 86% plunge in third-quarter net profit.

The world's fourth-biggest petrochemicals firm recorded a 1.5 billion riyal ($400 million) impairment provision related to its stake in Switzerland's Clariant AG.

Zain Saudi 7030.SE slid 3.5%, its biggest intraday fall since August. On Thursday, the telecommunications operator reported a third-quarter net profit of 121 million riyals, up from 48 million riyals a year earlier but down nearly 7% from the second quarter.

National Industrialization Co (Tasnee) was down 1.4% after it posted a sharp fall in third-quarter profit, which it blamed on lower average selling prices, higher sales costs and lower income from associates and joint ventures.

The Egyptian blue-chip index inched up 0.2%, with EFG Hermes increasing 1.8%, while Palm Hills Developments was up 2.4%.

Qatar's index fell 0.7%, with 16 of its 20 stocks declining. Market heavyweight Industries Qatar dropped 2.6% after it reported a 47% fall in nine-month net profit to 2 billion riyals ($549 million) from 3.8 billion a year earlier.

Abu Dhabi's index was down 0.3%, snapping a four-day winning streak with First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank shedding 0.8%.

On Thursday, the country's largest lender FAB reported a 3% rise in third-quarter profit, broadly in line with analysts' estimates.

In Dubai, the index closed up 0.1%, buoyed by real estate shares. The emirate's largest listed developer Emaar Properties added 0.2%.

($1 = 3.6415 Qatar riyals) ($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Dale Hudson) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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