Mideast stocks mostly fall, Saudi edges up after earnings

Most major Gulf markets fell on Monday, while Saudi Arabia’s stock index gained after foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market for the week ending Oct. 25.

Abu Dhabi’s stock index fell 1.0 per cent to 4,849 points, a two-month low. A 1.8 per cent fall in First Abu Dhabi Bank and a 2.0 per cent slide in Damac Properties led the decline.

Real estate company Rak Properties shed 3.8 per cent after posting a loss compared with a year-ago profit in its third quarter, reports Reuters.

Qatar’s blue-chip index lost 0.5 per cent, anchored by a 1.0 per cent fall in Industries Qatar. Gulf International Services dived 4.0 per cent despite reporting a jump in its nine-month profit on Sunday.

The Dubai index moved 0.6 per cent lower, as real estate stocks Emaar Properties lost 1.8 per cent and Damac Properties fell 3.1 per cent. The index was also pulled down by a 3.4 per cent fall in Dubai Islamic Insurance and Reinsurance.

However, Saudi stock index rose 0.9 per cent, supported by a 8.2 per cent rise in mobile telecommunication firm Zain Saudi after reporting a jump in quarterly profit.

Saudi Industrial Investment Group rose 4.2 per cent following a 41.1 per cent surge in quarterly profit after tax to 319 million riyals ($85.05 million).

Saudi Basic Industries Corp (SABIC) was up 0.3 per cent in early trade, after dropping nearly 2.0 per cent on Sunday when it posted a 5.4 per cent rise in quarterly net profit.