Mideast stocks flat

Mideast stocks were mostly flat early on Monday after some weak third-quarter earnings.

Saudi Arabia`s stock market continued rallying after last week`s big international bond sale by the government boosted sentiment.

The Saudi stock index rose 0.8 per cent in the first hour. It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so may now have more room to snap back.

Petrochemical and industrial firm Alujain jumped 6.1 per cent after it said it would distribute a 0.5 riyal per share dividend for 2016 - its first dividend since 1998.

Retail chain Jarir Marketing gained 3.5 per cent. The stock had dropped 45 per cent year-to-date.

Dubai stocks index edged down 0.1 per cent in line with a lacklustre global market trend.

Deyaar Development fell 0.2 per cent despite reporting a 22.5 per cent jump in third-quarter profit; revenue for the period soared five times.

Abu Dhabi also slipped 0.1 per cent. Abu Dhabi Commercial Bank initially dropped after reporting a 17 per cent fall in third-quarter profit to 999.1 million dirhams ($272 million).

But the stock then rebounded in active trade to stand 0.2 per cent higher.

In Qatar, the index dropped 0.3 per cent as petrochemicals, metals and fertiliser producer Industries Qatar fell 1.4 per cent after posting a 28.9 per cent drop in third-quarter net profit to 759.7 million riyals ($208.7 million).

Analysts had forecast 996.6 million riyals, according to a news agency report.