Most stock markets in the Gulf closed lower on Sunday, with the Saudi index continuing its losses for the third session as profit-taking continued after the Saudi index reached its highest levels in several years.
The Saudi index fell 0.47%, influenced by a 1.7% decline in the share of Saudi Basic Industries Corporation (SABIC), continuing its losses for the third session.
The giant petrochemical company announced on Thursday a net profit of 5.6 billion riyals (1.49 billion dollars), up from 1.1 billion riyals in the same period last year, but it did not reach the average estimate of four analysts compiled by Refinitiv of 6.1 billion riyals.
However, Saudi Arabia\u2019s oil producer Aramco closed higher by 0.4%, after a sharp increase in quarterly profits, supported by rising crude oil prices and sales volume, exceeding analysts\u2019 expectations.
Aramco\u2019s net income jumped to $30.4 billion in the quarter ended September 30, from $11.8 billion a year earlier.
The oil giant has risen by more than 8% this year to a market value of slightly over a trillion dollars, a target sought by Saudi Crown Prince Mohammed bin Salman before the company's initial public offering.
The Abu Dhabi index fell 0.1 percent, influenced by a 1.7 percent drop in the share price of Alpha Dhabi Holding and 0.1 percent in the share price of Abu Dhabi First Bank, the largest bank in the UAE.
The Dubai index rose 0.1% supported by a 0.8% increase in the share of Emaar Properties and a 10.4% increase in the share of DAMAC Properties.
Damac said on Thursday that its board of directors unanimously recommended that the company's small shareholders accept founder Hussein Sajwani's offer to buy their shares and delist the company, and if they accept it, the small shareholders, including Black Rock, St. Street and other companies, will receive 1.4 dirhams (0.38 dollars) per share under the offer.
Outside the Gulf region, the Egyptian leading stock index fell 0.8% after rising 1.3% in the previous session.
On Thursday, the Egyptian Central Bank kept the key interest rates unchanged during a meeting of the Monetary Policy Committee.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Most GCC stock markets closed lower on Sunday, with the Saudi index extending losses for the third session as profit-taking continued after the Saudi index reached multi-year highs. The Saudi index fell 0.47% as Saudi Basic Industries Corporation (SABIC) fell 1.7%, extending its losses for the third session. The petrochemical giant announced on ... 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