Saudi Arabia’s stock market slipped modestly in quiet trade on Wednesday, despite volatility from selling by foreign and retail investors after the killing of Saudi journalist Jamal Khashoggi.
President Donald Trump said on Tuesday Saudi authorities staged the “worst cover-up ever” in the killing of Khashoggi, as the United States vowed to revoke the visas of some of those believed to be responsible.
The Saudi index lost 0.5 percent, but many stocks outperformed the index on the back of their corporate earnings.
Saudi Printing and Packaging reported a third-quarter net loss of 11.8 million riyals ($3.15 million) on Wednesday, against 4.6 million one year earlier, but the company’s shares rose 5.8 percent as third-quarter sales increased.
Saudi Company for Hardware jumped nearly 10 percent after its third-quarter profit rose and its board recommended a capital increase to 360 million riyals from 240 million riyals.
Saudi Industrial Export, which has been the best performer on the index this month, again rose 10 percent. The company reported a narrow third-quarter loss on Tuesday.
Saudi Arabian Mining (Ma’aden) added 6.4 percent after awarding South Korea’s Daelim Industrial a contract to build an ammonia plant for about 3.35 billion riyals.
In Egypt, the main index dived 2.5 percent with 26 of its 30 stocks falling.
Alexandria Mineral Oils fell 9.9 percent a day after signing a cooperation agreement with Midor. Eastern Co dropped 2.1 percent after reporting a fall in its first-quarter profit.
Commercial International Bank slid 3.2 percent and Abu Qir Fertilizers shed 6.6 percent.
The Qatar index, which has outperformed the Gulf market this year, extended losses to drop 1.1 percent after some profit booking at higher levels, according to an analyst.
Qatar Insurance lost 2.9 after brokerage EFG Hermes cut its target price on the stock to 43 riyals from 48.5 riyals.
Industries Qatar, which has risen 43.3 percent this year, slid 2.1 percent and Ooredoo shed 3.1 percent.
Abu Dhabi’s index fell 0.9 percent as First Abu Dhabi lost 1.8 percent and Abu Dhabi National Energy declined 7.8 percent.
The Dubai index was dragged down by its real estate stocks, falling 0.6 percent. Union Properties decreased 2 percent. The firm said its unit intends to subscribe to the capital increase of Egypt’s Palm Hills Development .
Emaar Properties fell 3 percent and Emaar Malls dropped 1.1 percent.
($1 = 3.7509 riyals)
SAUDI ARABIA
* The index fell 0.5 percent to 7,513 points.
DUBAI
* The index drops 0.6 percent to 2,738 points.
ABU DHABI
* The index lost 0.9 percent to 4,926 points.
QATAR
* The index slid 1.1 percent to 10,153 points.
KUWAIT
* The index rose 0.7 percent to 5,209 points.
BAHRAIN
* The index was down 0.4 percent to 1,316 points.
OMAN
* The index was up 0.1 percent to 4,463 points.
EGYPT
* The index fell 2.5 percent to 13,246 points.
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Source: Brecorder
