- Yansab falls while swinging for a qtrly loss
- (.TENI) down 1.8%
- Egypt plans to give companies tax breaks of up to 55 percent
- Egypt’s SODIC rose with a strong 9-month result
Oct 26 (Reuters) – Saudi Arabian shares fell on Wednesday after a string of disappointing corporate results, as uncertainty over energy markets weighed on investor sentiment.
Crude oil prices, a key catalyst for Gulf financial markets, were broadly steady as they moved out of negative territory after industry data showed U.S. crude inventories rose more than expected last week, despite support from supply concerns and a weaker dollar.
Rising inventories reinforce fears of a global recession that will further cut demand, the weakness of which has also been reflected in China’s crude oil import data.
Benchmark index (<.TASI>) in Saudi Arabia fell 1.5%, dragged down by Retal Urban Development Co (<4322.SE>) down 4% despite the company reporting higher quarterly profit.
Yanbu Petrochemicals Company (<2290.SE>) fell 4.6% as the petrochemical company slipped to a quarterly loss.
Other losers include oil giant Saudi Aramco (<2222.SE>) lost 1.8% and Saudi Arabia’s energy index (<.TENI>) decreased by 1.8%.
In Qatar, the index (<.QSI>) fell 1.6% and extended losses into a third session as most stocks were in negative territory, including Islamic lender Masraf Al Rayan (
The bank reported a more than 20 percent drop in nine-month net profit to 1.36 billion Qatari riyals ($373.63 million).
Elsewhere, petrochemical manufacturer Industries Qatar (
The Qatari market continued to decline due to uncertainty in the natural gas market and weaker returns in the banking sector, said Daniel Takieddine, CEO of MENA BDSwiss.
“Also, a more cautious climate globally can affect the market.”
Dubai Main Stock Index (<.DFMGI>) fell 0.9%, hit by a 1.6% decline in blue-chip developer Emaar Properties (
Abu Dhabi Index (<.FTFADGI>) added 0.3% and posted three losses, helped by a 1.1% rise in conglomerate International Holding Co (
Outside the Gulf, Egypt’s blue-chip index (<.EGX30>) rose 0.8%, extending gains in the second session.
Prime Minister Mostafa Madbouly said on Tuesday that Egypt aims to give companies income tax breaks that could go up to 55 percent. Read more
Sixth of October Development and Investment Co (SODIC) (
($1 = 3.6400 Qatari riyals)
Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber
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