Saudi leads major Gulf bourses lower on weak earnings
Nov 1 (Reuters) – Major stock markets in the Gulf retreated on Tuesday, with Saudi Arabia leading the declines following a string of disappointing corporate earnings .Saudi Arabia’s benchmark stock index (.TASI) declined 1.1%, with Saudi Arabian Mining Co (1211.SE) plunging 9.6% after the company posted a sharp fall in quarterly profit sequentially.The miner reported a third-quarter net profit of 2.10 billion riyals ($558.96 million), marking a drop of about 48% from the previous quarter. However, profit was up 65.3% year -on- year .
Among other losers, Rabigh Refining and Petrochemical (2380.SE) tumbled 9.8%, as it swung to a quarterly loss.
Shares of Saudi Aramco (2222.SE) were down 0.6%, 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. read moreMalaysian state energy firm Petronas said it was studying the damage to interconnecting pipes caused by a fire last week at its refinery and petrochemical joint venture with Aramco.In March 2020, five people were killed in a fire at the 300,000 barrel-per-day complex, forcing it to close for more than two year s. It restarted in May, Reuters reported.
Dubai’s main share index retreated 5.8% on posting losses for the first nine-month period.
In a separate bourse filing, the firm reported accumulated losses of 2.94 billion dirhams ($800.46 million), 68.52% of the company’s capital as at end-September.In Abu Dhabi, the benchmark stock index (.FTFADGI) eased 0.1%, hit by a 0.4% fall in First Abu Dhabi Bank (FAB.AD), the country’s biggest lender.
The Qatari index (.QSI) dropped 0.9%, with Qatar National Bank (QNBK.QA), the Gulf’s biggest lender, down 1.8%.
Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu
Saudi Arabia’s benchmark stock index (.TASI) declined 1.1%, with Saudi Arabian Mining Co (1211.SE) plunging 9.6% after the company posted a sharp fall in quarterly profit sequentially. However, profit was up 65.3% year-on-year.
Shares of Saudi Aramco (2222.SE) were down 0.6%, 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 Qatari index (.QSI) dropped 0.9%, with Qatar National Bank (QNBK.QA), the Gulf’s biggest lender, down 1.8%.
Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu
