MARKET REPORT Mixed results in region as oil prices fall

Most Gulf stock markets moved marginally amid falling oil prices yesterday, while Egypt’s blue-chip index declined, dragged lower by property shares.

Oil prices slipped towards $59 per barrel on data showing a bigger-than-expected rise in US crude stocks, while the prospect of deeper output cuts by Opec and its allies offered support.

Saudi Arabia’s index extended gains from the previous session to close 0.2 per cent up at 7,887.36. Al Rajhi Bank gained 0.7 per cent, while Alinma Bank rose a further 1.3 per cent.

On Tuesday, Alinma reported a rise in third-quarter profit to 713 million riyals, compared to 637 million riyals a year earlier. However, gains were capped by losses in petrochemical stocks. Sahara International

Petrochemical slid 2.8 per cent following a more than 38 per cent plunge in third-quarter net profit. The petrochemical maker said it was due to a decrease in selling prices for most of its products.

Egypt’s blue-chip index declined 0.5 per cent to 14,126.51, with most stocks on the index falling. Property developers Madinet Nasr and Talaat Mostafa lost 1.9 per cent and 1.7 per cent, respectively, while El Sewedy Electric was down 1.5 per cent.

Egypt’s non-oil private sector contracted for the second consecutive month in September, according to the IHS Markit Egypt Purchasing Managers’ Index.

In Dubai, the index closed 0.3 per cent down at 2,780.14, with Emaar Properties shedding 1.1 per cent and Dubai Islamic Bank falling 0.6 per cent. Deyaar Development retreated 3 per cent, a day after it surged over 10 per cent on a future prospect. The developer this week reported accumulated losses of Dh1.51 billion but said it would continue to launch projects and wanted to diversify income resources through property and facilities management services.

The Abu Dhabi Index added 0.3 per cent at 5,151.81, extending gains for a third straight session, with First Abu Dhabi Bank and Aldar Properties gaining 0.4 per cent and 1.8 per cent, respectively.

The Muscat Securities Market index fell 0.3 per cent to 3,996.45, the Kuwait Premier Market index closed down 0.2 per cent at 6,282.94, while Bahrain’s All-Share Index closed flat at 1,525.18.