Mideast Stocks: Saudi bourse falls on poor earnings, volatile oil; Abu Dhabi up

Mideast Stocks: Saudi bourse falls on poor earnings, volatile oil; Abu Dhabi up

Saudi Arabian shares ended lower on Wednesday following a slew of disappointing corporate results, with uncertainty around energy markets weighing on investor sentiment.

Crude prices, a key catalyst for the Gulf's financial markets, were broadly stable moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected last week, though supply concerns and a weaker dollar gave support.

Rising stockpiles reinforce fears of a global recession that would further cut demand, weakness in which has also been apparent in softer Chinese crude import data.

The benchmark index in Saudi Arabia declined 1.5%, dragged down by a 4% fall in Retal Urban Development Co despite the company reporting a higher quarterly profit.

Yanbu Petrochemicals Company slid 4.6% as the petrochemical firm swung to a quarterly loss. Among other losers, oil giant Saudi Aramco lost 1.8% and the Saudi energy index was down 1.8%.

In Qatar, the index retreated 1.6%, extending losses for a third session, as most of the stocks were in negative territory including Islamic lender Masraf Al Rayan, which tumbled 6.7%. The bank reported a more than 20% drop in nine-month net profit at 1.36 billion Qatari riyals ($373.63 million).

Elsewhere, petrochemical maker Industries Qatar dropped 2.1%, ahead