World Markets

MIDEAST STOCKS-Most major Gulf markets slip though Qatar edges up on banks

Credit: REUTERS/STRINGER

Most major Gulf stock markets fell on Thursday, with Saudi Arabia leading the way on declines in corporate earnings, though Qatar bucked the trend as banks rose.

Oct 31 (Reuters) - Most major Gulf stock markets fell on Thursday, with Saudi Arabia leading the way on declines in corporate earnings, though Qatar bucked the trend as banks rose.

In Saudi Arabia, the benchmark index .TASI was down 0.5%, with Al Rajhi Bank 1120.SE declining 0.7% and Jabal Omar Development 4250.SE sliding 2.9%, making it the biggest in the index.

The developer posted a net loss of 80.6 million riyals ($21.5 million) on Wednesday compared with a profit of 469.6 million a year earlier. The firm blamed the losses on lower revenue from sales of residential units.

Advanced Petrochemical 2330.SE fell 1.1%. It reported a rise in third-quarter net profit of more than 5% but revenue dropped over 13%.

Al Moammar Information Systems 7200.SE fell 1.8% after reporting a decline in third-quarter net profit.

In Qatar, the index .QSI edged up 0.1% with the Gulf's largest lender Qatar National Bank QNBK.QA climbing 0.7% while Masraf Al Rayan MARK.QA was up 0.8%.

On Monday, Masraf Al Rayan reported marginal growth in nine-month net profit to 1.65 billion riyals, up from 1.63 billion a year earlier.

The Dubai's index .DFMGI opened 0.2% lower as blue-chip developer Emaar Properties EMAR.DU retreated 0.7% and Dubai Investments DINV.DU dropped 1.6%.

The latter posted a drop in its third-quarter profit to 105.5 million dirhams ($28.7 million) from 233.3 million a year earlier.

In Abu Dhabi, the index .ADI edged down 0.1% with market heavyweight First Abu Dhabi Bank FAB.AD losing 0.6%.

($1 = 3.7502 riyals)

($1 = 3.6727 UAE dirham)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by David Clarke)

((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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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