Mideast Stocks: Major Gulf markets mixed; Aramco's Q3 profit slides

Saudi British Bank drops on poor Q3 earnings

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Saudi Arabia's stock market closed lower on Tuesday hurt by a string of disappointing corporate earnings, while the Qatari index ended a three-session losing streak.

The kingdom's benchmark index slipped 0.3%, with Saudi British Bank dropping 2.1% after it announced a 10.5% fall in third-quarter profit.

National Industrialization Company (Tasnee) was down 2.3%, after it posted net loss in the quarter ending September 30. 

However, the world's top oil producing company Saudi Aramco closed up 0.6% after reporting a quarterly profit slump in line with analysts' expectations, as the coronavirus crisis continued to choke demand and weigh on crude prices.

Dubai's main share index retreated 1.2%, weighed down by a 2% fall in sharia-compliant lender Dubai Islamic Bank and a 1.4% fall in Emirates NBD Bank.

The Abu Dhabi index edged up 0.3%, supported by a 0.7% rise in First Abu Dhabi Bank (FAB) .

FAB, the United Arab Emirates' largest lender, announced a plan to carve out its existing payments business into a fully owned subsidiary with regional growth ambitions. 

In Qatar, the index gained 0.6% with petrochemical firm Industries Qatar advancing 2.4%.

Outside the Gulf, Egypt's blue-chip index was higher with most stocks in positive territory, including a 2% rise for Commercial International Bank.

The Arab state's non-oil private sector expanded in October at its quickest rate in almost six years as the recovery from the coronavirus pandemic gained pace, a survey showed on Tuesday.

IHS Markit's Purchasing Managers' Index (PMI) came in at 51.4, up from 50.4 in September and above the 50.0 threshold that separates growth from contraction.

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

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