Oil mixed on forecast of falling U.S. fuel stockpiles - Reuters:
Oil prices were mixed on Tuesday, paring earlier steep losses as investors focused on signs that U.S.-China trade tensions could ease next month and expectations that U.S. refined product stockpiles declined last week.
Brent crude LCOc1 settled at $61.59 a barrel, up 2 cents, after falling as low as $60.66. U.S. West Texas Intermediate CLc1 crude ended 27 cents lower at $55.54 a barrel, after earlier hitting a session low of $54.61.
U.S. refined product inventories were seen declining last week as refinery runs remained relatively low. Gasoline stocks likely fell 2.2 million barrels, which would their fifth weekly drawdown, while distillates which include diesel and heating oil, were seen falling for a sixth week in a row, forecast to have dropped by 2.4 million barrels, according to a Reuters poll.
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Tuesday 29 October 2019
Protect The Oil: Trump’s Top Priority In The Middle East | OilPrice.com
Protect The Oil: Trump’s Top Priority In The Middle East | OilPrice.com:
Saudi Arabia and the United States will work together to protect the world’s oil supply from threats, the energy ministers of the two countries said after a meeting in Riyadh.
The Saudi Press Agency reported that the two officials had also discussed the role of OPEC and non-OPEC producers in securing the world’s energy needs, as well as ways to strengthen economic ties between the United States and Saudi Arabia.
The issue of oil supply security in the Persian Gulf and Saudi Arabia specifically came to the fore last month, after drone and missile attacks on a Saudi oil field and a processing facility took close to 6 million bpd in production capacity off the market, leading to a price spike and worry about supply.
At the time, Saudi Arabia and the U.S. blamed the attacks on Iran, which rejected the accusations. The Houthi rebels took responsibility for the attacks. This led to an increase in regional tensions, fueling more concern about the security of oil supply in one of the biggest producing regions.
Saudi Arabia and the United States will work together to protect the world’s oil supply from threats, the energy ministers of the two countries said after a meeting in Riyadh.
The Saudi Press Agency reported that the two officials had also discussed the role of OPEC and non-OPEC producers in securing the world’s energy needs, as well as ways to strengthen economic ties between the United States and Saudi Arabia.
The issue of oil supply security in the Persian Gulf and Saudi Arabia specifically came to the fore last month, after drone and missile attacks on a Saudi oil field and a processing facility took close to 6 million bpd in production capacity off the market, leading to a price spike and worry about supply.
At the time, Saudi Arabia and the U.S. blamed the attacks on Iran, which rejected the accusations. The Houthi rebels took responsibility for the attacks. This led to an increase in regional tensions, fueling more concern about the security of oil supply in one of the biggest producing regions.
JPMorgan #Saudi Business Is Fastest-Growing Globally: FII Update - Bloomberg
JPMorgan Saudi Business Is Fastest-Growing Globally: FII Update - Bloomberg:
JPMorgan Chase & Co. said its business in Saudi Arabia is growing faster than any other region in the world, helped by the stock exchange’s inclusion in MSCI Inc.’s main emerging markets index.
“We at JPMorgan believe that Saudi will become the main hub in the region, as well as one of the main hubs globally,” Carlos Hernandez, head of global banking at the New York-based firm, said on the opening day of the Future Investment Initiative summit in Riyadh.
Global investment firms are clamoring to do business with the kingdom, where low oil prices have forced officials to tap international debt markets and seek foreign capital. Advisers hired for the imminent IPO of Saudi Aramco are set to split a fee pool of as much as $450 million, Bloomberg News has reported. JPMorgan is one of nine joint global coordinators on the deal.
JPMorgan Chase & Co. said its business in Saudi Arabia is growing faster than any other region in the world, helped by the stock exchange’s inclusion in MSCI Inc.’s main emerging markets index.
“We at JPMorgan believe that Saudi will become the main hub in the region, as well as one of the main hubs globally,” Carlos Hernandez, head of global banking at the New York-based firm, said on the opening day of the Future Investment Initiative summit in Riyadh.
Global investment firms are clamoring to do business with the kingdom, where low oil prices have forced officials to tap international debt markets and seek foreign capital. Advisers hired for the imminent IPO of Saudi Aramco are set to split a fee pool of as much as $450 million, Bloomberg News has reported. JPMorgan is one of nine joint global coordinators on the deal.
#SaudiArabia signs $15 bln in agreements at annual investment forum - statement - Reuters
Saudi Arabia signs $15 bln in agreements at annual investment forum - statement - Reuters:
Saudi Arabia has signed 23 agreements worth $15 billion dollars at its annual investment forum, Saudi Arabian General Investment Authority (SAGIA) said in a statement on Tuesday.
The Future Investment Initiative conference, which is now in its third year, aims to attract foreign investment into the kingdom.
Agreements include a $120 million investment deal between SAGIA and BRF Brazil Foods and a $700 million investment deal between SAGIA and Modular Middle East, both aimed at developing operations within Saudi Arabia, the statement said.
Saudi Arabia has signed 23 agreements worth $15 billion dollars at its annual investment forum, Saudi Arabian General Investment Authority (SAGIA) said in a statement on Tuesday.
The Future Investment Initiative conference, which is now in its third year, aims to attract foreign investment into the kingdom.
Agreements include a $120 million investment deal between SAGIA and BRF Brazil Foods and a $700 million investment deal between SAGIA and Modular Middle East, both aimed at developing operations within Saudi Arabia, the statement said.
#UAE cabinet approves largest budget ever recorded | ZAWYA MENA Edition
UAE cabinet approves largest budget ever recorded | ZAWYA MENA Edition:
The UAE cabinet has approved a zero-deficit federal budget of 61 billion dirhams ($16.61 billion) for the fiscal year 2020 on Tuesday.
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and ruler of Dubai, said a third of the budget is allocated for social development, one third for government affairs and the rest to infrastructure, economic resources and living benefits. This is the largest budget ever recorded in the UAE.
"2020 will be the beginning of a new decade of development," he tweeted.
The UAE cabinet has approved a zero-deficit federal budget of 61 billion dirhams ($16.61 billion) for the fiscal year 2020 on Tuesday.
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and ruler of Dubai, said a third of the budget is allocated for social development, one third for government affairs and the rest to infrastructure, economic resources and living benefits. This is the largest budget ever recorded in the UAE.
"2020 will be the beginning of a new decade of development," he tweeted.
#SaudiArabia's Red Sea project seeks loan in excess of 10 billion riyals: CEO - Reuters
Saudi Arabia's Red Sea project seeks loan in excess of 10 billion riyals: CEO - Reuters:
Red Sea Development Co, which is backed by Saudi Arabia’s sovereign fund PIF, is seeking a loan of more than 10 billion riyals ($2.67 billion) from four to five local banks to finance tourism projects, its chief executive John Pagano said.
Saudi Arabia plans to develop resorts on 50 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites.
In an interview with Reuters on Tuesday, Pagano said the loan, which was the subject of discussions with capital markets, would fund the development of the business along with equity provided by PIF.
Red Sea Development Co, which is backed by Saudi Arabia’s sovereign fund PIF, is seeking a loan of more than 10 billion riyals ($2.67 billion) from four to five local banks to finance tourism projects, its chief executive John Pagano said.
Saudi Arabia plans to develop resorts on 50 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites.
In an interview with Reuters on Tuesday, Pagano said the loan, which was the subject of discussions with capital markets, would fund the development of the business along with equity provided by PIF.
Finance royalty descend on #Saudi forum as Aramco listing looms - Reuters
Finance royalty descend on Saudi forum as Aramco listing looms - Reuters:
What a difference a year makes.
There was standing room only in the expansive halls of Riyadh’s Ritz-Carlton hotel on Tuesday as the world’s financial royalty attended Saudi Arabia’s Future Investment Initiative (FII) conference, aimed at courting global investors.
Saudi Arabia said it signed over two dozen investment deals worth $15 billion, mostly in the manufacturing sector, as the kingdom strives to show that Crown Prince Mohammed bin Salman’s diversification plan is on track after limited progress since the first FII forum 2017.
Last year’s event was overshadowed by the murder of Saudi journalist Jamal Khashoggi as dozens of Western leaders and executives boycotted the gathering.
What a difference a year makes.
There was standing room only in the expansive halls of Riyadh’s Ritz-Carlton hotel on Tuesday as the world’s financial royalty attended Saudi Arabia’s Future Investment Initiative (FII) conference, aimed at courting global investors.
Saudi Arabia said it signed over two dozen investment deals worth $15 billion, mostly in the manufacturing sector, as the kingdom strives to show that Crown Prince Mohammed bin Salman’s diversification plan is on track after limited progress since the first FII forum 2017.
Last year’s event was overshadowed by the murder of Saudi journalist Jamal Khashoggi as dozens of Western leaders and executives boycotted the gathering.
MIDEAST STOCKS- #Saudi shares extend losses, property stocks drag down #Dubai - Reuters
MIDEAST STOCKS-Saudi shares extend losses, property stocks drag down Dubai - Reuters:
Saudi Arabian shares fell sharply on
Tuesday as banks led the index lower, while markets in the
United Arab Emirates extended losses on back of financial and
real estate stocks.
In Saudi Arabia, the stock market index lost 1.2%,
falling for a third consecutive day. Al Rajhi Bank
dipped 1% and Riyad Bank was down 1.4%.
Saudi Ceramic dived 5.9%, despite swinging into a
quarterly net profit from a loss a year earlier.
Among other stocks, Saudi Cement Company declined
5.2%. On Monday the company 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.
Saudi Arabian shares fell sharply on
Tuesday as banks led the index lower, while markets in the
United Arab Emirates extended losses on back of financial and
real estate stocks.
In Saudi Arabia, the stock market index lost 1.2%,
falling for a third consecutive day. Al Rajhi Bank
dipped 1% and Riyad Bank was down 1.4%.
Saudi Ceramic dived 5.9%, despite swinging into a
quarterly net profit from a loss a year earlier.
Among other stocks, Saudi Cement Company declined
5.2%. On Monday the company 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.
Dalio Says Global Economy Faces ‘Scary Situation’: FII Update - Bloomberg
Dalio Says Global Economy Faces ‘Scary Situation’: FII Update - Bloomberg:
Central banks have run out of firepower to fight the next economic downturn, according to global finance chiefs gathered at an investment forum in Saudi Arabia on Tuesday.
Billionaire hedge-fund founder Ray Dalio went further, saying the global economy is under threat from an explosive mix of ineffective monetary policy, a rise in the wealth gap and climate change.
The combination will lead to a “scary situation” over the next decade, according to Dalio, whose investment management firm, Bridgewater Associates, is the world’s biggest hedge fund.
Central banks have run out of firepower to fight the next economic downturn, according to global finance chiefs gathered at an investment forum in Saudi Arabia on Tuesday.
Billionaire hedge-fund founder Ray Dalio went further, saying the global economy is under threat from an explosive mix of ineffective monetary policy, a rise in the wealth gap and climate change.
The combination will lead to a “scary situation” over the next decade, according to Dalio, whose investment management firm, Bridgewater Associates, is the world’s biggest hedge fund.
Saudis Are Ready to Do Deeper Oil Cuts, OPEC Minister Says - Bloomberg
Saudis Are Ready to Do Deeper Oil Cuts, OPEC Minister Says - Bloomberg:
Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva.
“He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. The OPEC minister said he and Prince Abdulaziz didn’t discuss new output levels when they spoke on Monday.
Saudi Arabia is leading the Organization of Petroleum Exporting Countries and other top producers like Russia into a collective production cut extending though the end of March. OPEC and its allies are due to meet in December to discuss whether steeper cuts to oil supply will be needed to shore up prices amid a surplus and signs of weaker demand.
Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva.
“He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. The OPEC minister said he and Prince Abdulaziz didn’t discuss new output levels when they spoke on Monday.
Saudi Arabia is leading the Organization of Petroleum Exporting Countries and other top producers like Russia into a collective production cut extending though the end of March. OPEC and its allies are due to meet in December to discuss whether steeper cuts to oil supply will be needed to shore up prices amid a surplus and signs of weaker demand.
Aramco Tells IPO Bankers It Made $68 Billion in First 9 Months - Bloomberg
Aramco Tells IPO Bankers It Made $68 Billion in First 9 Months - Bloomberg:
Saudi Aramco earned $68 billion in the first nine months of the year, cementing its position as the world’s most profitable oil company, according to people familiar with the figures.
The unaudited net figure was given to financial analysts working on the company’s initial public offering, the people said, asking not to be identified because the information isn’t public. Aramco has not released comparative numbers for last year and its media office declined to comment.
Aramco’s nine-month profit is a multiple of the annual earnings of Exxon Mobil Corp., the biggest publicly listed oil firm. The Saudi company earned $111 billion last year, making it the most profitable business on the planet. Crown Prince Mohammed Bin Salman is counting on that profit and the nation’s vast oil reserves to attract investors to the company’s IPO, which in turn will help fund his plan to overhaul the Saudi economy.
Saudi Aramco earned $68 billion in the first nine months of the year, cementing its position as the world’s most profitable oil company, according to people familiar with the figures.
The unaudited net figure was given to financial analysts working on the company’s initial public offering, the people said, asking not to be identified because the information isn’t public. Aramco has not released comparative numbers for last year and its media office declined to comment.
Aramco’s nine-month profit is a multiple of the annual earnings of Exxon Mobil Corp., the biggest publicly listed oil firm. The Saudi company earned $111 billion last year, making it the most profitable business on the planet. Crown Prince Mohammed Bin Salman is counting on that profit and the nation’s vast oil reserves to attract investors to the company’s IPO, which in turn will help fund his plan to overhaul the Saudi economy.
#Iran's thirsty energy industry runs up against water shortage - Reuters
Iran's thirsty energy industry runs up against water shortage - Reuters:
The plan to build a petrochemical plant near the Iranian city of Firouzabad had everything usually needed to get a project off the ground: approval from the nation’s top authority, funding from the Revolutionary Guards and plentiful gas feedstock.
But a decade on, work at the site is only 10% complete because of a row over an increasingly scarce resource in Iran that is vital to keep the facility cool: water.
“In early project studies, there were some mistakes about the amount of water the plant would need,” said Hamidreza Soleymannejad, one of the plant’s project managers. “They found the plant needs a lot of water, but the region could not provide that.”
The plan to build a petrochemical plant near the Iranian city of Firouzabad had everything usually needed to get a project off the ground: approval from the nation’s top authority, funding from the Revolutionary Guards and plentiful gas feedstock.
But a decade on, work at the site is only 10% complete because of a row over an increasingly scarce resource in Iran that is vital to keep the facility cool: water.
“In early project studies, there were some mistakes about the amount of water the plant would need,” said Hamidreza Soleymannejad, one of the plant’s project managers. “They found the plant needs a lot of water, but the region could not provide that.”
#Qatar's Masraf Al Rayan mandates banks to arrange fixed income investor meetings starting oct. 31 - leads - Reuters
Qatar's Masraf Al Rayan mandates banks to arrange fixed income investor meetings starting oct. 31 - leads - Reuters:
Qatar’s Masraf Al Rayan has mandated banks to arrange a series of fixed income investor meetings starting Oct. 31, a document issued by one of the banks appointed showed on Tuesday.
A U.S. dollar sukuk, or Islamic bond, of at least $500 million in size may follow, the document showed.
Qatar’s Masraf Al Rayan has mandated banks to arrange a series of fixed income investor meetings starting Oct. 31, a document issued by one of the banks appointed showed on Tuesday.
A U.S. dollar sukuk, or Islamic bond, of at least $500 million in size may follow, the document showed.
Report: #Saudi Aramco shares to start trading in December
Report: Saudi Aramco shares to start trading in December:
The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel reported Tuesday as the kingdom’s marquee investment forum got underway.
The report by Dubai-based Al-Arabiya offered a crackle of life to the Future Investment Initiative in the kingdom’s capital of Riyadh, an event created by Saudi Crown Prince Mohammed bin Salman. Initial panels at the forum offered a pessimistic look at a world as participants described the global economy as a teetering on a 1930s-level crisis.
Prince Mohammed, however, hopes for a very-optimistic $2 trillion valuation for Aramco, which produces 10 million barrels of crude oil a day and provides some 10% of global demand. That would raise $100 billion he needs for his ambitious redevelopment plans for Saudi Arabia.
The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel reported Tuesday as the kingdom’s marquee investment forum got underway.
The report by Dubai-based Al-Arabiya offered a crackle of life to the Future Investment Initiative in the kingdom’s capital of Riyadh, an event created by Saudi Crown Prince Mohammed bin Salman. Initial panels at the forum offered a pessimistic look at a world as participants described the global economy as a teetering on a 1930s-level crisis.
Prince Mohammed, however, hopes for a very-optimistic $2 trillion valuation for Aramco, which produces 10 million barrels of crude oil a day and provides some 10% of global demand. That would raise $100 billion he needs for his ambitious redevelopment plans for Saudi Arabia.
RPT-COLUMN-Hedge funds looking for the low in the oil market: Kemp - Reuters
RPT-COLUMN-Hedge funds looking for the low in the oil market: Kemp - Reuters:
Hedge funds showed signs of trying to pick the bottom in the oil market last week, with small-scale purchases emerging after the wave of heavy selling at the end of September and early October.
Hedge funds and other money managers were net buyers of 22 million barrels of petroleum futures and options in the week to Oct. 22, after selling 206 million barrels in the three weeks between Sept. 17 and Oct. 8.
Portfolio managers bought Brent (+5 million barrels), U.S. gasoline (+4 million), U.S. heating oil (+9 million) and European gasoil (+3 million) while the net position in WTI was unchanged.
The hedge fund community is still running a bearish position overall, with dynamic positioning, excluding passive longs, equivalent to 31 million barrels net short, but that was up from 53 million the week before.
Hedge funds showed signs of trying to pick the bottom in the oil market last week, with small-scale purchases emerging after the wave of heavy selling at the end of September and early October.
Hedge funds and other money managers were net buyers of 22 million barrels of petroleum futures and options in the week to Oct. 22, after selling 206 million barrels in the three weeks between Sept. 17 and Oct. 8.
Portfolio managers bought Brent (+5 million barrels), U.S. gasoline (+4 million), U.S. heating oil (+9 million) and European gasoil (+3 million) while the net position in WTI was unchanged.
The hedge fund community is still running a bearish position overall, with dynamic positioning, excluding passive longs, equivalent to 31 million barrels net short, but that was up from 53 million the week before.
India's Modi says #Saudi to invest in India's downstream oil, gas projects - Reuters
India's Modi says Saudi to invest in India's downstream oil, gas projects - Reuters:
Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil exporter find a stable outlet for its crude.
Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday.
“From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects,” Modi said in an interview to Arab News, according to a statement released by his office.
Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil exporter find a stable outlet for its crude.
Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday.
“From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects,” Modi said in an interview to Arab News, according to a statement released by his office.
#Dubai DFM's new Shariah index aims to drive ethical investments | ZAWYA MENA Edition
Dubai DFM's new Shariah index aims to drive ethical investments | ZAWYA MENA Edition:
To attract more Islamic investments, the Dubai Financial Market (DFM), has launched a Shariah Index - DFMSI, which provides market participants with a benchmark to measure the performance of Shariah-compliant listed securities.
DFM is the first Shariah-compliant exchange globally since 2007 and this new initiative adds to its efforts to align with Dubai's vision to become the capital of Islamic economies globally.
The initial market capitalisation of the Shariah Index has been set as per stock prices on 31 December 2009 with 1,000 points as the base point of the Index. It can be accessed via DFM's website and mobile apps.
To attract more Islamic investments, the Dubai Financial Market (DFM), has launched a Shariah Index - DFMSI, which provides market participants with a benchmark to measure the performance of Shariah-compliant listed securities.
DFM is the first Shariah-compliant exchange globally since 2007 and this new initiative adds to its efforts to align with Dubai's vision to become the capital of Islamic economies globally.
The initial market capitalisation of the Shariah Index has been set as per stock prices on 31 December 2009 with 1,000 points as the base point of the Index. It can be accessed via DFM's website and mobile apps.
#Saudi Aramco aims to begin planned IPO on Nov. 3: sources - Reuters
Saudi Aramco aims to begin planned IPO on Nov. 3: sources - Reuters:
Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.
The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.
Aramco is looking to float a 1% to 2% stake on the kingdom’s Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20 billion.
Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumour or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”
Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.
The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.
Aramco is looking to float a 1% to 2% stake on the kingdom’s Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20 billion.
Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumour or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”
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.
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.