MIDEAST STOCKS-Oil dampens Saudi, Emaar Misr boosts Egypt | Reuters:
"Saudi Arabia's stock market fell
on Tuesday in response to weak oil prices while real estate
developer Emaar Misr, seen as a hedge against currency
depreciation, boosted Egypt's index. Gulf markets in general
remained sluggish.
Brent crude sank nearly 4 percent overnight and
remained under pressure in Asian trade on Tuesday. This helped
to push the Saudi stock index down 1.0 percent at the
close.
Some shares tumbled in response to poor third-quarter
earnings, with Saudi International Petrochemical Co (Sipchem)
down 8.4 percent after it reported a 55.4 percent
slump in net profit to 71.6 million riyals ($19.1 million).
Analysts had forecast 122.9 million riyals. "
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