(Bloomberg) --

Equity gauges in the Gulf traded mixed on Sunday as investors digested third-quarter earnings across the region following a decline in the price of oil last week.

Kuwait’s Premier Market Index lost 1.3% as of 10:22 a.m. local time, the most among major indexes, with Saudi Arabia, Bahrain and Qatar also down. The benchmark in Oman was unchanged while those in Dubai and Abu Dhabi rose as much as 0.4%.

Brent crude fell last week as a further increase in Libyan output threatens to return more supply to a market that’s already grappling with a pandemic-induced slump in demand.

In Saudi Arabia, Saudi Basic Industries Corp., the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter mainly due to the reversal of impairments associated with Clariant AG. The kingdom’s biggest lender, Al Rajhi Bank, posted a slight decline in profit as impairment charges rose.

Looking at the Middle East and North Africa, “weakening global demand is likely to keep oil prices under pressure in the coming month, which will have a direct impact on regional economies,” analysts at Allied Investment Partners wrote in a note. “Meanwhile, investors will continue to focus on quarterly earnings to re-balance their portfolios.”

MIDDLE EASTERN MARKETS

  • The Tadawul All Share Index falls 0.7%, extending a 0.6% drop from last week
    • Sabic -1.3%, Saudi Aramco -0.6%, Al Rajhi Bank -0.6%, National Commercial Bank -1.4%
  • Dubai’s DFM General Index rises 0.4%, Abu Dhabi’s ADX General Index gains 0.2%
    • READ: UAE Central Bank Starts New Regulations on Reserve Requirements
    • The United Arab Emirates is folding its Insurance Authority under the central bank and moving some of the stock market regulator’s powers to exchanges to help boost the economy’s competitiveness
    • Dubai plans to offer AED500m of aid for businesses hit by the coronavirus crisis, Crown Prince Hamdan Bin Mohammed said on Twitter on Saturday
  • Kuwait’s Premier Market index loses 0.9%
    • Kuwait Finance House -1.3%, Ahli United Bank -1.7%, Boubyan Bank -1.9%; Zain -0.8%
  • MORE, on Oct. 23: Chairman of Egyptian Lender Quits After Central Bank Review (2)

Earnings results:

  • Sabic reported profit for the third quarter of 1.09 billion riyals, +47% y/y
  • Al Rajhi Bank 3Q Profit Drops 3%; Impairment Charges Rise
  • Hail Cement 3Q Profit 22.8M Riyals Vs. 7.59M Riyals Y/y
  • Sulaiman Al Habib 3Q Profit 298.8M Riyals, +51% y/y
  • Bank AlBilad 3Q Profit 382.6m Riyals, +17% y/y
  • United International Transport 3Q Profit 40.5m Riyals, -11% y/y
  • RAK Bank Third Quarter Net Income 132 Mln Dirhams, -54% y/y
  • Al Khalij Commercial Bank 9M Profit 543.5m Riyals, +9.3% y/y

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