Mideast Stocks: Saudi extends gains; other Gulf markets dip

Aldar Properties slides on poor Q3 profit

A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri

Corporate announcements helped lift the Saudi Arabian stock market on Tuesday but most major Gulf bourses were driven lower by losses in financial stocks.

Saudi Arabia's main index added 0.7%, with Saudi Basic Industries (Sabic) 2010.SE gaining 1.5% and Saudi Arabian Mining Co jumping 5%.

Sabic rose for a sixth consecutive day. Saudi Aramco in its initial public offering prospectus said it expected to close its acquisition of Sabic in the first half of next year.

Saudi Paper Manufacturing 2300.SE rose 6.3% after it said that accumulated losses declined to 7.84% of capital. 

Abdullah Al Othaim rose 3.5% and Dallah Healthcare gained 1.9% as both proposed cash dividends, for the nine months and first half respectively.

Apparel retailer Fawaz Abdulaziz Alhokair fell 4% after reporting a quarterly loss which it blamed on an increase in depreciation and amortisation expenses. 

Eastern Co EAST.CA was the main drag on Egypt's blue-chip index , which was down 0.7%.

The cigarette maker plunged 5% as it traded ex-dividend.

Sidi Kerir Petrochemicals SKPC.CA closed 7.8% lower for its biggest fall since Sept. 22. The firm reported a fall in nine-month profit to 521 million Egyptian pounds ($32.38 million) from 922 million Egyptian pounds a year earlier. 

Qatar's index fell 0.8%, as financial stocks weighed, with the Gulf's largest lender Qatar National Bank falling 1.4% and Qatar Islamic Bank 1.7%.

In Dubai, the indexslipped 0.4% as Emirates NBD dropped 2.2% and blue-chip developer Emaar Properties fell 0.5%.

The latter had gained in previous session, a day after reporting a 20% rise in third-quarter net profit.

Abu Dhabi's index edged down 0.2%, extending losses for a straight fifth session. The market heavyweight First Abu Dhabi Bank  eased 0.5%, while Aldar Properties fell 1.3%.

The property developer posted a decline in third-quarter profit to 387 million dirhams ($105.37 million), compared with 420 million dirhams a year earlier. 

($1 = 3.6728 UAE dirham)

($1 = 16.0900 Egyptian pounds)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Kirsten Donovan) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

More From Markets