|10-26-2014, 04:58 PM||#1|
UAE, Qatar open higher; Sabic to pressure Saudi Arabia`s stock market
Middle East markets opened mostly higher Sunday, tracking a generally cheerful global backdrop, but Saudi Arabia’s Tadawul could fall under pressure after Sabic missed earnings estimates.
Regional stock markets have been following the global lead for a period now, recently dragged by a global panic-selloff, but turning higher as soon as global shares showed some stability.
The Dubai Financial Market (DFM) jumped 1.7% at the opening, the Abu Dhabi Exchange (ADX) gained 0.4% while Qatar opened 0.37% higher.
Gains also come on the back of a strong earnings season, with most companies topping estimates and some posting double-digit profit jumps.
In Saudi Arabia, the Tadawul All Share Index is not expected to follow suit, but could open a little higher as sentiment would be under pressure from Sabic.
Petchem giant Saudi Basic Industries (SABIC) posted a 4.5% fall in profit in the third quarter, missing analysts’ estimates. Sabic is the biggest listed firm in Saudi Arabia and the whole region.
On the other hand, Saudi Arabian Mining Co. (Ma’aden), the region’s largest mining company beat analysts’ estimates.
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