Mideast Stocks: Saudi bourse to extend losses on poor earnings; Dubai inched higher
- Date: 02-Nov-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Mideast Stocks: Saudi bourse to extend losses on poor earnings; Dubai inched higher
Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising oil prices and ahead of a policy decision from the Federal Reserve, with the Saudi index on course to extend losses on weak earnings.
Saudi Arabia's benchmark index dropped 1%, with Saudi Arabian Mining Co (Ma'aden) falling 6.4%.
In the previous session, Ma'aaden closed 9.9% lower, its biggest intraday fall since Dec. 2014, after reporting a third-quarter net profit of 2.10 billion riyals ($558.88 million), marking a drop of about 48% from the previous quarter.
However, profit was up 65.3% year-on-year.
Elsewhere, Zain Saudi slid about 6%, on missed profit.
Separately, the kingdom plans to award over a dozen mining exploration licences to international investors as it looks to enter the mining sector in a big way to diversify away from hydrocarbons, Mining Minister Bandar Al-Khorayef said on Wednesday.
In Abu Dhabi, the index lost 0.2%, hit by a 2% fall in Emirates Telecommunications Group as quarterly revenue fell, although posted a rise in net profit.
The telecoms firm said the third-quarter revenue witnessed siginificant exchange rate volatility in Egyptian pound, Pakistani rupee and Moroccan dirham as a result of global macro-economic turbulence.
Dubai's main share index added 0.3%, helped by a 1.2%