Poor results weigh on Saudi stock market

Reuters Updated - January 24, 2018 at 03:02 PM.

Saudi Arabia’s bourse edged down in early trade on Wednesday after local companies posted disappointing fourth-quarter results, while Egypt’s index pulled back from a major chart barrier.

The main Saudi index fell 0.4 per cent as shares in Saudi Arabian Mining Co (Ma'aden) tumbled 4.0 per cent. The Gulf’s largest miner reported a fourth-quarter net profit of 376 million riyals ($100 million) on Tuesday, missing analysts’ average estimate of 490.2 million riyals.

Another major drag on the benchmark was retailer Fawaz Abdulaziz Alhokair Co, down 6.1 per cent; it reported a 20.3 per cent fall in quarterly profit on Tuesday. It made 106.2 million riyals while analysts had forecast 144.7 million riyals.

Egypt’s index pulled back 0.3 percent after failing to hold above a major chart barrier at 9,831 points, September's multi-year peak.

Most shares fell, but Global Telecom surged 7.4 per cent after Algerian news agency TSA reported, citing sources, that the $2.6 billion deal in which Global Telecom would sell its stake in local operator Djezzy to the Algerian government had been agreed and would be signed next week.

Published on January 21, 2015 09:03