Mideast Stocks - Saudi slips in early trade; Dubai edges up

SABIC reported a net profit of $290.64mln in the third-quarter


Saudi Arabia's stock market fell early on Sunday, hurt by financials and petrochemical shares, while gains in top lender Emirates NBD supported the Dubai index.

The Saudi benchmark index declined 0.6%, with the country's largest lender National Commercial Bank dropping 1.2% and Saudi Basic Industries Corp (SABIC) losing 0.7%.

SABIC, the Gulf's largest petrochemical firm, reported a net profit of 1.09 billion riyals ($290.64 million) in the third-quarter, up from 0.74 billion riyals a year ago. However, the firm reported a drop in quarterly sales. 

The military spokesman for Yemen's Houthi movement said in a tweet on Saturday it had targeted the Jizan and Abha airports and the Khamis Mushait base in Saudi Arabia with drones. 

Earlier on Saturday and in two statements on Friday, the Saudi-led coalition had said it had intercepted and destroyed three explosive-laden drones from the Houthis aimed towards the southern region of Saudi Arabia.

Dubai's main share index rose 0.3%, helped by a 1.6% gain in its largest lender Emirates NBD and a 0.9% rise in Dubai Investments.

The Abu Dhabi index edged up 0.1%, with Abu Dhabi Commercial Bank advancing 1.9% and the United Arab Emirates' largest lender First Abu Dhabi Bank up 0.2%.

In Qatar, the index dropped 0.4%, weighed down by a 2% fall in petrochemical maker Industries Qatar and a 0.9% decline in Qatar Islamic Bank.

($1 = 3.7503 riyals)

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

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