Saudi Arabia's stock market slipped on Sunday as some lacklustre corporate results came in, while Egypt's benchmark share index advanced for a seventh day to hit a fresh record high amid economic optimism and falling inflation.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session, falling 0.3% as most of its constituents posted losses.
Arabian Contracting Services (4071.SE), opens new tab slumped 10% after the advertising firm posted a second-quarter net loss, compared with a profit last year, and BinDawood Holding (4161.SE), opens new tab declined 1.2% as the major retailer reported a 32.7% decrease in net profit for the second quarter.
Among other fallers, Jahez (6017.SE), opens new tab dropped 10% after the IT services provider posted a 21.9% fall in second quarter net profit.
The Qatari benchmark index (.QSI), opens new tab was little changed after it hit a more than 2-1/2-year high in the previous session. Losses in the real estate, industry and materials sectors offset gains in energy, communication and finance.
Industries Qatar (IQCD.QA), opens new tab fell 1.9% and Mesaieed Petrochemical (MPHC.QA), opens new tab shed 1.2%, while Qatar Islamic Bank(QISB.QA), opens new tab and Estithmar (IGRD.QA), opens new tab advanced 0.7% and 7.9% respectively.
Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab extended its rally to a seventh session, rising 0.8% to a new all-time high at 36,110 with most stocks climbing.
Orascom Development (ORHD.CA), opens new tab jumped 5.4% and Sidi Kerir Petrochemicals(SKPC.CA), opens new tab, (SKPC.CA), opens new tab advanced 2.2%.
Meanwhile, Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, data from statistics agency CAPMAS showed on Sunday.
