DUBAI Oct 10 Saudi Arabia's stock market
stabilised early on Monday after a sharp fall on the previous
day, while other Gulf stock markets largely moved sideways in
The Saudi stock index, which had tumbled 2.2 percent
on Sunday as banking shares dropped because of concern about the
impact of government austerity policies on their balance sheets,
was flat after 45 minutes of trade on Monday. The banking sector
index edged up marginally.
Qassim Cement dropped 3.2 percent after reporting
a 29 percent year-on-year drop in third-quarter net profit,
citing lower demand for cement as well as cost increases due to
cuts in state subsidies for electricity and fuel.
But Saudi Basic Industries gained 0.9 percent
after it and Saudi Arabia Fertilizers Co (SAFCO) said
they had hired investment banks to advise on the potential sale
of a stake in the Ibn Al-Baytar fertiliser company, a 50-50
joint venture between them. SAFCO rose 0.4 percent.
Dubai's index was also flat. But the most heavily
traded stock, builder Drake & Scull, surged 6.6 percent
after saying it had appointed chief operating officer Wael Allan
as its new chief executive, replacing Khaldoun Tabari, a major
Drake & Scull's chief financial officer, Kailash Sadangi,
told Reuters in August that the company had asked advisers for
proposals to review its business and find strategic investors;
the change at the top of the company could clear the way for new
investment and fresh action to stem its losses.
Qatar's index edged up just 0.1 percent as Qatar
National Bank lost 0.1 percent before the release of
its third-quarter earnings later in the day, but Doha Bank
added 1.2 percent.
(Reporting by Andrew Torchia; Editing by Dominic Evans)