MIDEAST STOCKS-SABIC weighs on Saudi after Q3 results; most mkts up


By Nadia Saleem

DUBAI, Oct 27 (Reuters) - Saudi Arabia's largest listedcompany Saudi Basic Industries Corp (SABIC) fell froma 18-month high on Sunday, weighing on the kingdom's bourseafter its quarterly earnings matched estimates, while most otherMiddle East markets rose.

Many investors had expected a positive surprise from SABICafter two of its subsidiaries posted estimate-beating quarterlyprofits earlier this month.

SABIC's third quarter profit rose 2.5 percent to 6.47billion riyals ($1.73 billion). Analysts on average forecast itsprofit would be 6.4 billion riyals.

"We had seen signs of improvement in petrochemical productprices in Q3 2013," said Sleiman Aboulhosn, investment analystat ING Investments. "Overall, results were good and we expectimproving demand from Asia and restocking to underpin earningsgrowth in Q4 2013."

Shares in SABIC fell 2.4 percent.

Al Tayyar Travel Group tumbled 6.8 percent to itslowest close in October. The firm said its third-quarter netprofit rose 6.8 percent to 214.9 million riyals, below oneanalyst's forecast.

Saudi Arabia's index slipped 0.6 percent, easingfrom Thursday's two-month high.

In Dubai, Emaar Properties rose 1.8 percent,hitting a five-year intraday high after its quarterly profitrose 50 percent to comfortably beat estimates.

Emaar's earnings added weight to signs of recovery in theemirate's property and tourism sectors.

"It's very positive signal that the growth is there andit's massive," said Sebastien Henin, portfolio manager at TheNational Investor. "Institutional investors who were doubtfulabout Dubai's property and tourism recovery will come back inthe game - it will take a few days or weeks for them to allocatefunds to Emaar."

Dubai's index rose 0.5 percent to a five-year peak.Abu Dhabi's benchmark added 0.2 percent.

In Cairo, the benchmark index climbed 0.4 percentafter the United Arab Emirates signed an agreement for $4.9billion worth of aid to Egypt.

The index closed below the intraday peak of 6,233 points -its highest level since January 2011.

It has rallied 37 percent since June 24's 12-month low, withshares rebounding following the army's ousting of formerPresident Mohamed Mursi, whom many blamed for mismanaging thecountry during his one-year rule.

Heavyweight Commercial International Bank rose 1.5percent and Upper Egypt Construction rose 4.4 percent.

The army-backed government has announced spending plansworth 29.6 billion Egyptian pounds ($4.3 billion) to rejuvenatethe economy, and while some analysts have doubted Egypt'sability to fund the stimulus package and cut its budget deficit,the UAE aid - most but not all of which was previously announced- could help plug some of the gaps.

Bullish global markets supported regional sentiment. Worldequity indexes were near five-year highs on Friday as major U.S.technology companies propelled Wall Street to another day ofgains, sending the S&P 500 index to close at a record.



* The index retreated 0.6 percent to 8,125 points.


* The index climbed 0.5 percent to 2,924 points.


* The index rose 0.2 percent to 3,891 points.


* The index climbed 0.4 percent to 6,195 points.


* The index advanced 0.2 percent to 9,670 points.


* The index climbed 0.4 percent to 7,990 points.


* The index slipped 0.3 percent to 6,651 points.


* The index declined 0.4 percent to 1,198 points.

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