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Reuters
Petrochemical shares dragged down Saudi Arabia’s stock market on Wednesday while Dubai real estate developers were actively traded after two of them reported third-quarter earnings.
The Saudi index fell 0.7 percent as 12 of 14 listed petrochemical producers dropped, with Yanbu Petrochemical down 1.9 percent. Most have yet to report third-quarter earnings and will do so in the next few weeks. The biggest producer, Saudi Basic Industries, edged up 0.1 percent, however.
Construction firm Khodari fell 0.9 percent after reporting a quarterly net loss of 22.9 million riyals ($6.1 million), narrowing from a year-earlier loss of 54.4 million riyals. The loss was still larger than the 12 million riyal loss forecast by EFG Hermes, and revenue sank 41 percent.
But insurer Malath surged its 10 percent daily limit for a second straight day after trading in its rights issue ended on Monday. In Dubai, the index edged up 0.1 percent. Union Properties , the most heavily traded stock, jumped 3.8 percent while Deyaar, the second most active, lost 0.4 percent. Deyaar reported that third-quarter profit dropped 41 percent from a year earlier but revenue surged 55 percent. Another real estate firm, DAMAC Properties, posted a 20 percent drop in quarterly profit; it fell sharply in early trade but closed flat.
Qatar’s index lost 1.0 percent as real estate firms declined, with Ezdan Holding slipping 2.0 percent and United Development falling 2.3 percent.
Sanctions imposed on Qatar by other Arab states have accelerated a downturn in the Qatari property market.
In Egypt, the index climbed 0.5 percent as Palm Hills Development gained 4.2 percent. Electro Cable Egypt jumped 9.3 percent to 0.94 Egyptian pound in its heaviest trade since March 2014, testing technical resistance on the January and December peaks of 0.95 pound.