Light trails from automobile traffic traveling along the King Fahd highway, left, and Olaya Street, right, lead towards the Kingdom Tower, center rear, in Riyadh, Saudi Arabia, on Thursday, Dec. 1, 2016. Photographer: Simon Dawson/Bloomberg
Most equity indexes in the Middle East declined as investors focus on third-quarter results.
Volatility in Saudi stocks dropped to the lowest level in two weeks as the uproar over the killing of columnist Jamal Khashoggi in Istanbul dissipate. Saudi Basic Industries Corp. fell even after third-quarter profit met analysts’ estimates.
MSCI Emerging Markets Index lost 3.3% last week, its fifth weekly decline, while a gauge of emerging-market currencies dropped 0.4% EM Review: Emerging-Market Assets Fall Amid Global Stock Selloff
MIDDLE EASTERN MARKETS
Saudi Arabia’s Tadawul All Share Index declines 0.4%, after climbing 2.5% last week Investors are looking at third-quarter earnings statements closely, said Joice Mathew, the head of equity research at United Securities in Muscat, Oman “The fear of any major diplomatic action on Saudi has faded off, so focus is largely on the domestic factors” Says index could climb to as much as 7,900Tadawul closes at 7,802.65 Expects “strong earnings momentum in banks with double-digit earnings growth supported by widening spreads, but loan growth is not enticing as much.” For petrochemical companies: results are “likely to be stable/similar to 1H18 levels, as hike in product prices should get neutralized by the hike in raw material prices” Sabic retreats as much as 2.2% before falling 1.9% at close; the company said higher average selling prices and an increase in volumes helped boost 3Q profitSales climbed 13% to 43.7b riyals Southern Province Cement slips 0.9% after third-quarter profit missed the lowest analyst estimate MORE: Saudis Reject Turkish Demand to Hand Over Khashoggi Suspects READ: Investors Vexed by Khashoggi-Fate Fracas Say This Too Shall Pass Dubai’s DFM General Index, Qatar’s QE Index, Egypt’s EGX 30 fall between 0.1% and 0.4% Abu Dhabi’s ADX General Index rises 0.3% and Oman’s MSM 30 closes little changed QuickTake: How Khashoggi Killing May Help Heal Saudi-Qatar Rift Israel’s TA-35 Index gains 0.2% as of 3:13 pm in Tel Aviv READ: It’s Time to Treat Israel Like Other States, Oman Says MORE: Syria Summit Doubles Down on Political Push in Search for Peace
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