DUBAI Oct 18 Several disappointing
third-quarter results from large Saudi companies dragged on the
kingdom's stock index in morning trade on Tuesday, while other
Gulf markets edged up in modest trade.
Riyadh's index was down 0.8 percent after 70
minutes. Saudi Arabian Mining Co (Ma'aden) fell 2.7
percent after it posted a 4.6 percent rise in third-quarter net
profit to 83.6 million riyals ($22.3 million) but missed
analysts' average forecast of 122.7 million riyals.
National Industrialization Co (Tasnee) swung to a
net profit of 122.2 million riyals from a loss of 296.3 million
riyals in the prior-year period. But NCB Capital said the result
was 18 percent below its expectation and the stock slumped 5.5
Saudi Fertilizer Co fell 5.3 percent after it
posted a 68 percent decline in third-quarter net profit to 181.4
million riyals, missing analysts' prediction of 249.2 million
Banking shares were mixed with Samba Financial Group
gaining 2.1 percent after it reported a 2.2-percent
drop in quarterly net profit, in line with analysts' forecasts.
Al Rajhi Bank rose 1.0 percent after it reported a
16.7-percent rise in profit, meeting forecasts; it was the first
major bank in Saudi Arabia to report higher profits for the
Saudi Hollandi Bank recorded a 46.7 percent fall
in profit to 262.8 million riyals; analysts had forecast 506.4
million riyals. Its shares were down 4.5 percent.
The first telecommunications operator to report
third-quarter earnings, Zain Saudi, dropped 3.6
percent after it reported a third-quarter loss of 267 million
riyals. That was in line with expectations but quarterly revenue
was down 7 percent.
Elsewhere, Dubai's index rose 0.5 percent in modest
trade with attention focused on small and mid-sized shares.
Builder Arabtec and Union Properties were
each up 1.5 percent.
In Abu Dhabi, Union National Bank, the only major
bank to have reported third-quarter earnings so far in the
emirate, was flat. It posted a 15 percent drop in net profit to
410 million dirhams ($111.6 million); analysts had forecast
456.7 million dirhams.
(Reporting by Celine Aswad; Editing by Andrew Torchia and