Saudi bourse to extend losses on poor earnings; Dubai inched higher
Nov 2 (Reuters) – Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising oil prices and ahead of a policy decision from the Federal Reserve, with the Saudi index on course to extend losses on weak earnings.In the previous session, Ma’aaden closed 9.9% lower, its biggest intraday fall since Dec. 2014, after reporting a third-quarter net profit of 2.10 billion riyals ($558.88 million), marking a drop of about 48% from the previous quarter.
However, profit was up 65.3% year -on- year .
Elsewhere, Zain Saudi (7030.SE) slid about 6%, on missed profit .
Separately, the kingdom plans to award over a dozen mining exploration licences to international investors as it looks to enter the mining sector in a big way to diversify away from hydrocarbons, Mining Minister Bandar Al-Khorayef said on Wednesday. read moreIn Abu Dhabi, the index (.FTFADGI) lost 0.2%, hit by a 2% fall in Emirates Telecommunications Group (EAND.AD) as quarterly revenue fell, although posted a rise in net profit .The telecoms firm said the third-quarter revenue witnessed siginificant exchange rate volatility in Egyptian pound, Pakistani rupee and Moroccan dirham as a result of global macro-economic turbulence .Shareholders in Dubai’s Emirates Central Cooling Systems Corporation (Empower) have increased the size of the stake being offered in an initial public offering to 15% from 10%, citing strong demand for the shares. read moreEmpower is set to raise up to almost 2 billion dirhams ($544.53 million) in the public share-sale based on an indicative price range given on Monday . The final price will be set on Nov. 9.
Reporting by Ateeq Shariff in Bengaluru; Editing by Kim Coghill
Nov 2 (Reuters) – Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising oil prices and ahead of a policy decision from the Federal Reserve, with the Saudi index on course to extend losses on weak earnings.
However, profit was up 65.3% year-on-year. In Abu Dhabi, the index (.FTFADGI) lost 0.2%, hit by a 2% fall in Emirates Telecommunications Group (EAND.AD) as quarterly revenue fell, although posted a rise in net profit.
The telecoms firm said the third-quarter revenue witnessed siginificant exchange rate volatility in Egyptian pound, Pakistani rupee and Moroccan dirham as a result of global macro-economic turbulence.
