Most stock markets in the Gulf were subdued on Monday on soft oil prices and disappointing corporate earnings.
Saudi Arabia’s benchmark index reversed early losses to close flat, with Al Rajhi Bank dropping 1.2%, while Dar Alarkan Real Estate Development Co jumped more than 5%, following a sharp rise in quarterly profit.
Elsewhere, Al Khaleej Training and Education Co plunged 10%, to be the biggest faller on the index, following a decrease in third-quarter profit.
Among other losers, budget carrier flynas tumbled 5.4%, after the firm posted losses for the nine-month period ending September 30, from profit a year earlier.
Crude prices – a catalyst for the Gulf’s financial markets – were steady as investors assessed a potential end to the U.S. government shutdown and concerns around oversupply in the crude market.
Brent crude futures rose 11 cents, or 0.17%, to $63.74 a barrel by 1051 GMT.
Oil prices remain a risk for the broader market given current price levels and the bearish outlook, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
Dubai’s main share index dropped 0.3%, with top lender Emirates NBD losing 2.2% and blue-chip developer Emaar Properties retreating 1.5%.
In Abu Dhabi, the index was down 0.1%, pressured by a 3.6% decline in Aldar Properties .
However, Fertiglobe – the largest producer of nitrogen fertilisers in the Middle East and North Africa – advanced 2.1%, after the firm turned to quarterly profit.
The Qatari index added 0.4%, helped by a 0.8% increase in petrochemical maker Industries Qatar .
Outside the Gulf, Egypt’s blue-chip index declined 1%, retreating from a record high, dragged down by a 6% slide in tobacco monopoly Eastern Company.
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Saudi Arabia finished flat at 11,244
Abu Dhabi dropped 0.5% to 10,020
Dubai eased 0.3% to 6,008
Qatar gained 0.4% to 11,090
Egypt declined 1% to 40,416
Bahrain added 0.1% to 2,077
Oman advanced 1.6% to 5,663
Kuwait lost 0.2% to 9,434
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