* Saudi's National Commercial Bank misses Q3 estimates
* Latest in a string of weak Saudi bank earnings
* BUPA Arabia falls after Q3 profit drop
* National Bank of Oman falls on earnings report
* Orange Egypt jumps after deal to obtain 4G licence
By Celine Aswad
DUBAI, Oct 16 The performance of banking shares
weighed on Saudi Arabia's market index on Sunday after the
largest listed bank reported profits below analysts'
expectations, while indexes for other markets in the region also
Riyadh's index fell 1.1 percent as National
Commercial Bank (NCB) tumbled 5.6 percent after
reporting a third-quarter net profit of 1.96 billion riyals
($523 million), down 1.6 percent from the same period of 2015.
Three analysts had on average forecast a quarterly profit of
2.31 billion riyals.
NCB, like most other Saudi banks that have already reported
quarterly results, cited higher costs, including a rise in
impairments on financings and investments. The bank is a key
lender to Saudi Arabia's troubled construction sector.
Just over half of the country's listed banks have now
reported third-quarter results, with earnings generally flat or
lower and the sector index was down 1.6 percent on
Weak earnings at some mid-sized companies in other sectors
also hit share prices, with medical insurer BUPA Arabia
retreating 4.7 percent after posting an 8.9 percent
drop in its third-quarter net income.
In Muscat National Bank of Oman lost 2.5 percent
after it posted a 15.2 percent fall in its third-quarter net
profit, missing analysts' forecasts. The general market index
eased 0.2 percent.
Dubai's market index closed down 1 percent at 3,302
points, its lowest finish in 16 weeks. With no major companies
posting results shares in small and mid-sized companies were the
main movers, including builder Drake & Scull which
retreated by 3.7 percent.
In Abu Dhabi, the index fell by 0.7 percent as shares
in index heavyweight Etisalat dropped 0.8 percent.
Qatar's index of the 20 most valuable companies fell 0.2
percent with roughly two-thirds of shares declining; Islamic
lender Masraf Al Rayan lost 1.1 percent.
Egypt's index slipped 0.9 percent in a broad-based
decline, with Ezz Steel losing 3.5 percent.
But telecoms firm Orange Egypt rose by its 10
percent daily limit after the company signed a 4G mobile
broadband licensing deal with the government, paying $484
million and obtained 10 megahertz of radio frequency spectrum
instead of the 7.5 initially on offer.
The head of Egypt's telecommunications regulator said Orange
had also acquired a licence to offer fixed-line services for a
further $11 million.
* The index fell 1.1 percent to 5,633 points.
* The index dropped 1 percent to 3,302 points.
* The index lost 0.7 percent to 4,316 points.
* The index slipped 0.9 percent to 8,432 points.
* The index edged down 0.2 percent to 10,368 points.
* The index dropped 0.4 percent to 5,309 points.
* The index edged down 0.2 percent to 5,651 points.
* The index fell 0.3 percent to 1,141 points.
(Editing by Andrew Torchia, Greg Mahlich)