Saudi Arabia’s stock market ended lower on Tuesday underperforming Gulf peers following a slew of disappointing corporate earnings, while the Dubai index extended losses for a second session.

The benchmark index in Saudi Arabia dropped 1.2%, dragged down by a 1.3% fall in Retal Urban Development Co and a 9.9% plunge in Saudi Arabia Mining Co (Ma’aden).

Ma’aden - which saw its biggest intraday fall since December 2014 - reported a third-quarter net profit of 2.10 billion riyals ($559 million), marking a drop of about 48% from the previous quarter. However, profit was up 65.3% year-on-year.

Elsewhere, Rabigh Refining and Petrochemical tumbled 9.8%, hitting a 18-month low, as it swung to a quarterly loss.

Shares of Saudi Aramco eased 0.1%, even as the oil behemoth posted a 39% jump in its third-quarter net income that beat analysts’ forecasts, boosted by higher crude oil prices and volumes sold. The profit was slightly lower in comparison to its record second quarter.

Among other losers, Middle East Co For Manufacturing And Producing Paper finished 7.9% lower, after reporting weak third-quarter results.

Dubai’s main share index fell 0.1%, with blue-chip developer Emaar Properties losing 1.5% and a 3.1% decline in Union Properties on posting losses for the first nine-month period.

Most major Gulf bourses slip on weaker oil prices

The Dubai market recorded some volatility as traders await the Federal Reserve’s next interest rate decision, said Farah Mourad, Senior Market Analyst at XTB MENA.

“At the same time, the market found support thanks to the attractiveness of the current initial public offerings (IPOs) which drew large amounts of liquidity.”

Shareholders in Dubai’s Empower have increased the size of the stake being offered in an IPO to 15% from 10%, citing strong demand for the shares.

The Qatari index lost 0.2%.

According to Mourad, the Qatari market returned to negative territory as natural gas prices reversed course and remains exposed to uncertainty in natural gas demand, particularly in Europe.

Outside the Gulf, Egypt’s blue-chip index rose 0.5%, helped by a 1.9% gain in Abu Qir Fertilizers.

========================================= SAUDI ARABIA     fell 1.2% to 11,530 ABU DHABI        was flat at 10,416 DUBAI            down 0.1% to 3,327 QATAR            dropped 0.2% to 12,392 EGYPT            up 0.5% to 11,433 BAHRAIN          eased 0.1% to 1,864 OMAN             rose 0.6% to 4,391 KUWAIT           added 0.7% to 8,245=========================================