World Markets

MIDEAST STOCKS-Saudi dips on weak earnings, FAB leads Abu Dhabi higher

Credit: REUTERS/FAISAL AL NASSER

Saudi Arabian shares fell for a fourth day on Wednesday as weak earnings continued to weigh on the index, while United Arab Emirates' largest lender FAB boosted the Abu Dhabi index.

Oct 30 (Reuters) - Saudi Arabian shares fell for a fourth day on Wednesday as weak earnings continued to weigh on the index, while United Arab Emirates' largest lender FAB FAB.AD boosted the Abu Dhabi index.

In Saudi Arabia the benchmark index .TASI was down 0.2%, with Saudi Basic Industries 2010.SE falling 0.5%, while Saudi Telecom Co 7010.SE was down 1.1% as the stock traded ex-dividend.

Methanol Chemicals Co 2001.SE fell 1% after it posted a net loss of 32.3 million riyals ($8.6 million), compared with a profit of 22.5 million a year earlier.

The firm blamed the loss on lower selling prices of most petrochemical products.

Advanced Petrochemical 2330.SE dropped 0.5% after reporting a more than 5% rise in third-quarter net profit, but revenue was down over 13%.

Abdulmohsen Al Hokair Group For Tourism And Development 1820.SE fell 4% after posting a third-quarter net loss of 15.5 million riyals, compared with a net profit of 1.9 million a year earlier.

In Abu Dhabi the index .ADI rose 1.1%, snapping a three-day losing streak with market heavyweight First Abu Dhabi Bank (FAB) advancing 2% and Abu Dhabi commercial Bank ADCB.AD gaining 0.3%.

FAB on Oct. 24 reported a single-digit rise in third-quarter net profit, broadly in line with analysts' forecasts.

Buoyed by real estates shares, Dubai's main share index .DFMGI edged up 0.3%. Blue-chip developer Emaar Properties EMAR.DU rebounded 1.7% and its Emaar Malls EMAA.DU unit added 0.5%.

In contrast, DAMAC Properties DAMAC.DU slipped 1.7% following its announcement of no dividend, citing low profitability and a weak market.

The Qatari index .QSI edged up 0.1%, with lender Masraf Al Rayan MARK.QA adding 0.8% and Qatar Islamic Bank QISB.QA gaining 0.5%.

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

($1 = 3.7502 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru Editing by David Holmes)

((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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