GulfBase Live Support
17/10/2016 05:36 AST
Saudi shares fell for the first time in five days on Sunday, as disappointing third-quarter earnings from National Commercial Bank soured investors’ outlook, dragging other regional bourses lower.
NCB, the kingdom’s largest listed bank, reported a profit of 1.96 billion riyals for the three months to the end of September, coming in about 15 per cent lower than a Bloomberg average of analyst forecasts.
The bank’s disappointing results follow similar letdowns last week from Banque Saudi Fransi and Riyad Bank.
NCB’s shares closed 5.5 per cent lower, dragging the Tadawul All Share Index 1 per cent lower at 5,632.69, breaking a four-day winning streak.
The Tadawul’s fall was replicated across the region on Sunday, with the Bloomberg GCC 200 Index closing 0.4 per cent lower.
The Dubai Financial Market General Index closed down 0.99 per cent at 3,301.84, its lowest close since June 29, with daily volumes 30 per cent lower than the monthly average.
Emaar Properties and Arabtec led the sell-off of big names, closing down 1.4 per cent and 3.6 per cent respectively.
Emirates NBD was one of just two gainers on the index (along with Ajman Bank), closing up 0.75 per cent at Dh8.10, ahead of the banks third-quarter earnings release today.
Shares in the capital fell 0.7 per cent to 4,315.62, dragged lower by the market heavyweights Etisalat, down 0.7 per cent, and FGB, down 0.8 per cent.
ADCB, due to release quarterly results on Tuesday, ended the day 0.8 per cent lower at Dh6.17.
UNB and Aldar Properties were the pick of just four gainers on the capital’s headline index, closing up 2.5 per cent and 0.3 per cent respectively.
The National
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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