Major stock markets in the Gulf were mixed in early trade on Thursday as investors parsed through corporate earnings for clues, with Qatari shares extending losses to a fourth session.
The Qatari index fell 0.6%, dragged down by a 1.8% drop in Industries Qatar after a drop in quarterly net profit.
The petrochemical maker reported a net profit of 1.6 billion riyals ($439.56 million) for the third quarter, down from 2.1 billion riyals a year ago.
Qatar Insurance plunged as much as 9.5% in its biggest intraday fall in more than two-and-a-half years, as the insurer swung to a nine-month loss of 130.7 million riyals compared to a profit of 498.2 mln riyals a year earlier. Dubai’s main share index added 0.2%, helped by a 0.8% increase in top lender Emirates NBD on strong quarterly earnings.
In Abu Dhabi, the index advanced 1%, buoyed by a 4.7% jump in Multiply Group ahead of its earnings.
Saudi Arabia’s benchmark index dropped 0.4%, dragged by a 1.4% fall in Retal Urban Development Co and a 4.1% slide in Saudi National Bank (SNB).
SNB, the kingdom’s largest, said on Thursday it was taking part in Credit Suisse Group’s capital raising and committed to investing up to 1.5 billion Swiss francs ($1.52 billion) to take a stake of up to 9.9%.
Meanwhile, oil giant Saudi Aramco gained 0.9%.
Most major Gulf bourses slip on falling oil, weak earnings
On Thursday, South Korean refiner S-Oil Corp, whose largest shareholder is Aramco, said it projected regional refining margins would improve in the fourth quarter on seasonal demand.
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