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Markets

Major Gulf markets mixed; Aramco's Q3 profit slides

  • Saudi British Bank drops on poor Q3 earnings.
  • Egypt's non-oil private sector growth at nearly 6-yr high in Oct – PMI.
03 Nov, 2020

Saudi Arabia's stock market closed lower on Tuesday hurt by a string of disappointing corporate earnings, while the Qatari index ended a three-session losing streak.

The kingdom's benchmark index slipped 0.3%, with Saudi British Bank dropping 2.1% after it announced a 10.5% fall in third-quarter profit.

National Industrialization Company (Tasnee) was down 2.3%, after it posted net loss in the quarter ending September 30.

However, the world's top oil producing company Saudi Aramco closed up 0.6% after reporting a quarterly profit slump in line with analysts' expectations, as the coronavirus crisis continued to choke demand and weigh on crude prices.

Dubai's main share index retreated 1.2%, weighed down by a 2% fall in sharia-compliant lender Dubai Islamic Bank and a 1.4% fall in Emirates NBD Bank.

The Abu Dhabi index edged up 0.3%, supported by a 0.7% rise in First Abu Dhabi Bank (FAB).

FAB, the United Arab Emirates' largest lender, announced a plan to carve out its existing payments business into a fully owned subsidiary with regional growth ambitions.

In Qatar, the index gained 0.6% with petrochemical firm Industries Qatar advancing 2.4%.

Outside the Gulf, Egypt's blue-chip index was higher with most stocks in positive territory, including a 2% rise for Commercial International Bank.

The Arab state's non-oil private sector expanded in October at its quickest rate in almost six years as the recovery from the coronavirus pandemic gained pace, a survey showed on Tuesday.

IHS Markit's Purchasing Managers' Index (PMI) came in at 51.4, up from 50.4 in September and above the 50.0 threshold that separates growth from contraction.

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