MIDEAST STOCKS-Falls in bank shares keep #Saudi index under pressure | Nasdaq

MIDEAST STOCKS-Falls in bank shares keep Saudi index under pressure | Nasdaq:

Saudi Arabia's stock market fell sharply on Tuesday, extending losses for the third straight session with banking shares falling the most, while other major Gulf markets were little changed.

In Saudi Arabia, the stock market index .TASI dropped a further 1.6% with Al Rajhi Bank 1120.SE losing 2.2% and Banque Saudi Fransi 1050.SE decreasing 2.3%. 


Saudi Cement Company 3030.SE declined 4.5%. On Monday the company had reported third-quarter net profit of 83 million riyals, up from 75.4 million riyals a year earlier but down about 10% from the second quarter.

But oil refiner PetroRabigh 2380.SE advanced 2.9% after reporting a more than 62% rise in its third-quarter net profit. The company attributed the increase to improved profit margins for refined products and an improvement in operational performance.