(Bloomberg) -- Equity markets in the Middle East were mixed as investors followed closely earnings results for some of the biggest companies in the region.
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The main index in Doha led losses as Industries Qatar QSC declined on the back of a 47% drop in net profit for the nine months ended in September. The Qatari gauge finished lower for the sixth decline in seven sessions.
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In Riyadh, giant petrochemicals producer Saudi Basic Industries Corp. fell as much as 2.4% after posting the worst quarterly profit in 10 years. The company cited lower average selling prices and a 1.5 billion riyal ($400 million) impairment provision for its investment in Clariant AG for the poor results.
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MIDDLE EASTERN MARKETS:
- The Tadawul All Share Index retreats 0.3% in Riyadh on Sunday
- Sabic ends 1.2% lower to SAR88.90, the lowest price since Oct. 16
- Since the Clariant impairment is a one-off event, the stock could rebound in the short-term after the initial negative reaction, according to Jassim Al-Jubran, an analyst at Aljazira Capital Co.
- In Doha, Industries Qatar falls as much as 3.6% before trimming decline to 2.6% at the end of the session
- Co. cited slowdown in global economies, volatility in commodity prices and trade conflicts as impacting performance
- NOTE: Industries Qatar is the second biggest Qatari company by market capitalization, worth about $18 billion
- Dubai, Bahrain and Kuwait climb 0.1% each, while peers in Oman and Abu Dhabi fall between 0.1% and 0.3%
- Emirates NBD, the biggest lender in Dubai, ends unchanged at AED12.50. The bank’s board was scheduled to meet after markets close in Dubai to discuss 3Q’s financial statement
- More earnings:
- Arabian Centres Quarterly Profit Rises 8.5%
- National Agriculture Dev Third Quarter Profit 49.3 Mln Riyals
- RAK Properties Nine Month Net Income 32.9 Mln Dirhams
- Halwani Brothers Third Quarter Loss 3.4 Mln Riyals
- United Intl Transport Third Quarter Profit 45.2 Mln Riyals
- Riyad Bank Third Quarter Operating Income Beats Highest Estimate
- Dallah Healthcare Third Quarter Profit 4.3% Below Estimates
- Juhayna Food Third Quarter Revenue Misses Lowest Estimate
- Najran Cement Third Quarter Profit 14.1 Mln Riyals
- Tasnee Third Quarter Profit Misses Lowest Estimate
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