(Bloomberg) -- Equity markets in the Middle East were mixed as investors followed closely earnings results for some of the biggest companies in the region.
The main index in Doha led losses as Industries Qatar QSC declined on the back of a 47% drop in net profit for the nine months ended in September. The Qatari gauge finished lower for the sixth decline in seven sessions.
In Riyadh, giant petrochemicals producer Saudi Basic Industries Corp. fell as much as 2.4% after posting the worst quarterly profit in 10 years. The company cited lower average selling prices and a 1.5 billion riyal ($400 million) impairment provision for its investment in Clariant AG for the poor results.
Read more about Sabic’s earnings.
MIDDLE EASTERN MARKETS:
The Tadawul All Share Index retreats 0.3% in Riyadh on SundaySabic ends 1.2% lower to SAR88.90, the lowest price since Oct. 16Since the Clariant impairment is a one-off event, the stock could rebound in the short-term after the initial negative reaction, according to Jassim Al-Jubran, an analyst at Aljazira Capital Co.In Doha, Industries Qatar falls as much as 3.6% before trimming decline to 2.6% at the end of the sessionCo. cited slowdown in global economies, volatility in commodity prices and trade conflicts as impacting performanceNOTE: Industries Qatar is the second biggest Qatari company by market capitalization, worth about $18 billionDubai, Bahrain and Kuwait climb 0.1% each, while peers in Oman and Abu Dhabi fall between 0.1% and 0.3%Emirates NBD, the biggest lender in Dubai, ends unchanged at AED12.50. The bank’s board was scheduled to meet after markets close in Dubai to discuss 3Q’s financial statementMore earnings:Arabian Centres Quarterly Profit Rises 8.5%National Agriculture Dev Third Quarter Profit 49.3 Mln RiyalsRAK Properties Nine Month Net Income 32.9 Mln DirhamsHalwani Brothers Third Quarter Loss 3.4 Mln RiyalsUnited Intl Transport Third Quarter Profit 45.2 Mln RiyalsRiyad Bank Third Quarter Operating Income Beats Highest EstimateDallah Healthcare Third Quarter Profit 4.3% Below EstimatesJuhayna Food Third Quarter Revenue Misses Lowest EstimateNajran Cement Third Quarter Profit 14.1 Mln RiyalsTasnee Third Quarter Profit Misses Lowest Estimate
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