Banking shares help key Saudi index edge up 0.2 percent
Property shares weigh on Egypt; other Gulf markets mixed
Most Gulf stock markets moved marginally amid falling oil prices on Wednesday, while Egypt’s blue-chip index declined, led by property shares.
Oil prices slipped toward $59 a barrel on data showing a biggerthan-expected rise in US crude stocks, while the prospect of deeper output cuts by the Organization of the Petroleum Exporting Countries and its allies offered support.
Saudi Arabia’s index extended gains from the previous session to close 0.2 percent up. Al-Rajhi Bank gained 0.7 percent, while Alinma Bank rose a further 1.3 percent. On Tuesday, Alinma reported a rise in third-quarter profit to SR713 million ($190.10 million) compared to 637 million a year earlier. However, gains were capped by losses in petrochemical stocks. Sahara International Petrochemical (Sipchem) slid 2.8 percent following a more than 38 percent plunge in third-quarter net profit. The petrochemical maker said it was due to a decrease in selling prices for most of the products. Egypt’s blue-chip index decreased 0.5 percent, with most stocks on the index falling. Property stock Talaat Mostafa lost 1.7 percent and El-Sewedy Electric was down 1.5 percent. Among other stocks, developer Madinet Nasr also decreased 1.9 percent.
Egypt’s nonoil private sector contracted for the second consecutive month in September, according to the IHS Markit Egypt Purchasing Managers’ Index (PMI).
In Dubai, the index closed 0.3 percent down with Emaar Properties shedding 1.1 percent and Dubai
Islamic Bank falling 0.6 percent. The Abu Dhabi Index added 0.3 percent, extending gains for a third straight session, with First Abu Dhabi Bank and Aldar Properties gaining 0.4 percent and 1.8 percent respectively.
Qatar’s index dipped 0.2 percent, extending losses for a fifth straight session, as Qatar Fuel declined 1.6 percent and Mesaieed Petrochemical ended 2.2 percent lower.