DUBAI: Saudi Arabia’s stock market slipped on Sunday as some lacklustre corporate results came in, while Egypt’s benchmark share index advanced for a seventh day to hit a fresh record high amid economic optimism and falling inflation.
Saudi Arabia’s benchmark index was down for a second straight session, falling 0.3% as most of its constituents posted losses.
Arabian Contracting Services slumped 10% after the advertising firm posted a second-quarter net loss, compared with a profit last year, and BinDawood Holding declined 1.2% as the major retailer reported a 32.7% decrease in net profit for the second quarter. Among other fallers, Jahez dropped 10% after the IT services provider posted a 21.9% fall in second quarter net profit.
The Qatari benchmark index was little changed after it hit a more than 2-1/2-year high in the previous session. Losses in the real estate, industry and materials sectors offset gains in energy, communication and finance.
Industries Qatar fell 1.9% and Mesaieed Petrochemical shed 1.2%, while Qatar Islamic Bank and Estithmar advanced 0.7% and 7.9% respectively. Outside the Gulf, Egypt’s blue-chip index extended its rally to a seventh session, rising 0.8% to a new all-time high at 36,110 with most stocks climbing.
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