MIDEAST STOCKS-SABIC weighs on Saudi after Q3 results; most mkts up | Reuters:
"Saudi Arabia's largest listed company Saudi Basic Industries Corp (SABIC) fell from a 18-month high on Sunday, weighing on the kingdom's bourse after its quarterly earnings matched estimates, while most other Middle East markets rose.
Many investors had expected a positive surprise from SABIC after two of its subsidiaries posted estimate-beating quarterly profits earlier this month.
SABIC's third quarter profit rose 2.5 percent to 6.47 billion riyals ($1.73 billion). Analysts on average forecast its profit would be 6.4 billion riyals.
"We had seen signs of improvement in petrochemical product prices in Q3 2013," said Sleiman Aboulhosn, investment analyst at ING Investments. "Overall, results were good and we expect improving demand from Asia and restocking to underpin earnings growth in Q4 2013."
Shares in SABIC fell 2.4 percent."
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