Middle East markets gave up gains made in early trade on Monday after European bourses once again weakened, but strong third-quarter earnings supported some names in Saudi Arabia.
Dubai’s index, which was up as much as 2.5 per cent early in the session, fell 0.4 per cent by mid-day as the pan-European FTSEurofirst 300 index edged down 0.6 per cent.
Bourses in Abu Dhabi and Qatar, both of which had opened on a positive note, also changed direction and were down 1.1 and 1.2 per cent respectively. Egypt’s index fell 0.6 per cent.
Industries Qatar, up 0.2 per cent, was one of few gainers in Doha after reporting a five per cent rise in third-quarter net profit on Monday. The conglomerate earned QAR1.86 billion ($511 million) in the quarter, while analysts polled by Reuters had on average expected QAR1.66 billion.
Saudi Arabia’s main index also gave up early gains and slipped 0.2 per cent. However, petrochemical and banking blue chips were still in positive territory with Saudi Basic Industries (SABIC) up 0.5 per cent and Alinma Bank up 3.4 per cent.
Shares in Saudi Arabia Fertilizers Co (SAFCO) rose 0.7 per cent after the company reported a 24.4 per cent rise in third-quarter net profit, beating analysts’ forecasts. SAFCO made a profit of QAR913 million ($243.5 million); analysts had predicted QAR794.7 million.
Bank Albilad gained 2.1 per cent after reporting a 20 per cent profit jump in the third quarter, also ahead of estimates.