Mideast Stocks: Saudi snaps 4-day winning streak as Gulf bourses end mixed

Saudi index giving up early gains to close 0.2% lower, snapping a four-session winning streak

  
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

Major stock markets in the Gulf ended mixed on Sunday, with the Saudi index giving up early gains to close 0.2% lower, snapping a four-session winning streak.

On Saudi Arabia's benchmark index, Saudi Telecom Company fell 1.3%, while SABIC Agri-Nutrients Co retreated 2.2%.

Among other losers, Almarai declined 2.2% after the Gulf's largest dairy company reported a quarterly net profit of 409.1 million riyals ($109.1 million), down from 621.5 million riyals a year earlier. 

However Methanol Chemicals jumped more than 3% after it swung to a quarterly profit.

In Abu Dhabi, the index added 0.3%, helped by a 0.5% increase in conglomerate International Holding Co (IHC) and a 2.9% jump in its unit Alpha Dhabi Holding.

IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirham ($45.2 million) deal, Reuters reported on Thursday, citing a company source. 

Dubai's main share index concluded flat, as gains in financial shares were offset by declines in property stocks.

Average residential property prices in Dubai rose 4.4% in the 12 months to August, the strongest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. 

However, an ongoing fall in rents signalled continued weakness in the long-troubled sector. Dubai rents continued to trend lower, falling by 2.7% on average in the year ending in August, CBRE said in a report.

The Qatari benchmark gained 0.2%, with Mesaieed Petrochemical climbing 1.7%.

Qatar National Bank, the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.83 billion), citing loan growth. 

However, the lender traded flat.

Outside the Gulf, Egypt's blue-chip index advanced 1.2%, buoyed by a 1.9% gain in top lender Commercial International Bank.

Egypt's annual urban consumer price inflation increased to 6.6% in September from 5.7% in August. 

The rate remains well within the target range of between 5% and 9% set by the central bank, which meets on Oct. 28 to decide interest rates.

($1 = 3.6724 UAE dirham)

($1 = 3.6411 Qatar riyals)

($1 = 3.7502 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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