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21/10/2014 06:39 AST
Most Gulf stock markets fell on Monday as a rebound by global equities turned out to be short-lived, but Saudi Arabia's bourse rose after a string of strong quarterly earnings.
Saudi Arabia's main index rose 1.1 percent in a volatile session, having briefly moved into negative territory.
Bank Albilad jumped 3.6 percent after reporting a 20 percent profit jump in the third quarter, ahead of estimates. Alinma Bank surged 6.8 percent and was the main support for the benchmark. The lender has yet to publish its quarterly results, but most other Saudi banks have either met or beaten analysts' forecasts.
Shares in Yanbu National Petrochemical Co (Yansab) edged up 0.4 percent after it reported a 20.1 percent drop in third-quarter net profit, which was in line with analysts' estimates.
Saudi Kayan Petrochemical Co rose 1.3 percent. The firm's third-quarter profit rose 55 percent. Petrochemicals giant Saudi Basic Industries, which is affiliated with both Yansab and Kayan, gained 1.7 percent.
Dubai's index, which was up as much as 2.5 percent early in the session, closed 1.0 percent down, having changed direction shortly after the pan-European FTSEurofirst 300 index opened and moved into negative territory.
Bourses in Abu Dhabi and Qatar, both of which had opened on a positive note, also retreated and fell 1.5 and 1.4 percent respectively.
Saudi Gazette
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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The National
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