MidEast Stocks Mostly Rise, Saudi Basic Reports Strong Q3 Results

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MidEast stocks mostly gained, with Saudi shares rising after Saudi Basic Industries reported strong Q3 net profit.

Saudi Basic said it earned 5.22 billion riyals ($1.39 billion), down 6.8% from the year-ago period but above the mean estimate in a Reuters poll for 5.05 billion riyals.

In other company news, Middle East Healthcare said quarterly net income rose 1.4% to 92 million riyals.

Nama Chemicals said its loss widened to 32.6 million riyals from a loss of 24 million last year.

Emaar the Economic City said it swung to a Q3 loss of 81 million riyals from a profit of 8 million riyals a year ago.

Commercial Bank of Qatar reported a surprise Q3 loss of 1.04 million riyals ($285,612), down from a profit of 275.9 million riyals a year earlier and worse than a mean forecast for a profit of 281.7 million riyals in a Reuters poll.

Medicare Group said Q3 net profit plunged 85% to 4.8 million riyals.

Qatar Insurance said Q3 net profit fell 6% to 108.8 million riyals, below EFG Hermes' forecast of 312 million riyals.

Heliopolis Co for Housing reported a 47.9% drop in quarterly net profit.

Saudi Arabia's main index jumped 1.1% to 5,523 points, Dubai firmed 0.1% to 3,319 points, Abu Dhabi rose 0.9% to 4,309 points, Egypt eased 0.7% to 8,160 points, Qatar dipped 0.3% to 10,452 points, Kuwait gained 0.6% to 5,315 points, Oman inched higher 0.2% to 5,593 points and Bahrain rose 0.7% to 1,144 points

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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