Saudi falls on weak results, real estate keeps Egypt bourse on support

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Saudi falls on weak results, real estate keeps Egypt bourse on support

On Sunday, the 27th of October 2019, a basket of Gulf bourses had nosedived following release of a raft of dismal earnings’ reports, while Egypt’s main index rounded off the day higher on gains of real estate stocks.

Saudi’s main index shed 0.3 per cent on Sunday (October 27th), putting an end to a three-day-long rally over optimisms of a partial Sino-US trade deal, nonetheless, failed to extend gains following release of a bunch of baleful earnings’ report as beforementioned, while the fourth-largest petrochemical company across the globe, Sabic soured 1.2 per cent after posting an 86 percent profit plunge during Q3, 2019 and Saudi telecom heavyweight Saudi Zain dropped 3.5 per cent, posting its biggest intra-day plunge since August.

Meanwhile, Egypt’s main index added 0.2 per cent, almost entirely catapulted by the gains of real estate majors such as Palm Hills alongside financial investment bank EFG-Hermes, while Palm Hills posted a surge of 2.4 per cent and EFG-Hermes ended the day 1.8 per cent higher.

Elsewhere in the Middle East, Qatari index shrugged off 0.7 per cent of its earlier gains, as 16 out of its 20 companies failed to post gains, while Abu Dhabi index wrapped up the day 0.3 per cent lower, concluding a four-day long winning streak, but Dubai index added 0.1 per cent, bolstered by real estates such as Emaar Properties which scored a gain of 0.2 per cent on Sunday’s (October 27th) Dubai stock exchange closure.