* SABIC Q3 profit at top end of forecasts
* Emaar the Economic City drops after posting loss
* Dubai's DXB Entertainments up before theme park opening
* Qatar hit by CBQ's net loss, which misses estimates
* Egypt down for fourth straight day
By Celine Aswad
DUBAI, Oct 19 Saudi Basic Industries (SABIC)
helped lift Riyadh's stock market on Wednesday after
it reported a third-quarter net profit at the top end of
forecasts, but a loss at Qatar's third- largest bank dragged
that market lower. Egypt slid for a fourth straight session.
Riyadh's stock index rebounded 1.1 percent, ending
three days of declines and trimming its loss since Sunday to 3.0
SABIC, the Gulf's largest petrochemical producer, climbed
1.8 percent to 84.00 riyals after posting a net profit of 5.22
billion riyals ($1.39 billion) in the three months to Sept. 30,
down 6.8 percent from a year ago. Analysts polled by Reuters had
on average predicted 5.05 billion riyals.
Riyad Capital said in a note that although SABIC's sales
dipped on a quarterly and yearly basis, margins expanded to
offset some of that negative impact. It raised its target price
for SABIC to 86.00 riyals from 80.00 riyals but maintained a
"We have increased gross margin assumptions for the full
year and beyond as global petrochemical spreads have been
Roughly two-thirds of Saudi petrochemical producers have now
reported third-quarter earnings, with generally weak results.
Nama Chemicals, a mid-sized producer, said on
Wednesday it made a loss of 32.6 million riyals versus a loss of
24.0 million in the same period of 2015; its shares closed flat.
Middle East Healthcare jumped 7.8 percent after
its quarterly net income rose 1.4 percent to 92 million riyals.
The positive mood spilled into some shares that were hit
earlier this week by disappointing results. Lender Saudi
Hollandi rebounded 2.4 percent.
But Emaar the Economic City, developer of an
industrial city near Jeddah, dropped 1.6 percent after reporting
a third-quarter net loss of 81 million riyals versus a profit of
8 million riyals a year ago.
In Dubai, the index built positive momentum in the
last hour of trade to close up 0.1 percent. No major companies
posted fresh results; DXB Entertainments climbed 3.3
percent ahead of opening its theme parks at the end of this
Gains in blue chips helped boost Abu Dhabi's stock index
0.9 percent. First Gulf Bank added 1.8 percent,
trimming its losses to 1.3 percent since Sunday.
QATAR, EGYPT UNDERPERFORM
In Qatar, the index closed down 0.3 percent as
Commercial Bank of Qatar dropped 4.8 percent. The bank
made a net attributable loss of 1.04 million riyals ($285,612)
in the third quarter versus a profit of 275.9 million riyals a
year earlier; analysts polled by Reuters had forecast a profit
of 281.7 million riyals.
The bank cited provisions for non-performing loans, after
former Australia and New Zealand Banking Group banker Joseph
Abraham was appointed chief executive in July.
Medicare Group sank 2.9 percent after reporting an
85 percent drop in third-quarter net profit to 4.8 million
Qatar Insurance fell 0.7 percent on a 6 percent
drop in third-quarter profit to 108.8 million riyals,
considerably below EFG Hermes' forecast of 312 million riyals.
In Cairo, the index of the 30 most valuable shares
pulled back 0.7 percent in modest volume. Heliopolis Co for
Housing lost 0.6 percent after reporting a 47.9
percent drop in quarterly net profit.
* The index rebounded 1.1 percent to 5,523 points.
* The index rose 0.1 percent to 3,319 points.
* The index gained 0.9 percent to 4,309 points.
* The index slipped 0.7 percent to 8,160 points.
* The index fell 0.3 percent to 10,452 points.
* The index rose 0.6 percent to 5,315 points.
* The index edged up 0.2 percent to 5,593 points.
* The index rose 0.7 percent to 1,144 points.
(Editing by Andrew Torchia and Mark Potter)