Sabic of Saudi sets the pace for traders

Markets Update: Saudi Arabia's stock market declined tracking global markets, but two individual stocks, Saudi Basic Industries Co and Jarir Marketing make decent gains.

Saudi Arabia's stock market slipped at the open, tracking global markets, but two individual stocks, Saudi Basic Industries and Jarir Marketing made decent gains after reporting earnings for the third quarter.

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Jarir rose to its highest on record after the Kingdom's largest stationary retailer said third quarter profit rose 48 per cent to 152 million riyals and plans to pay out a dividend of 3.4 riyals and one bonus share for every two.

The shares rose 5.2 per cent to 191.5 riyals at the open.

Saudi Basic Industries gained 0.2 per cent to 92 riyals. The world's largest petrochemicals producer posted a 54 per cent rise in third quarter profit to 9.2 billion riyals on Monday.

The country's benchmark, the Saudi Tadawul All-Share Index, was down 0.4 per cent to 6105.70 points.

In the UAE, the Dubai Financial Market General Index lost 0.8 per cent to 1354.70 points, while the Abu Dhabi Securities Exchange General Index lost 0.2 per cent to 2447.93 points.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 5887.80 points. Bahrain's index was little changed at 1148.05 points. Oman's index lost 0.1 per cent to 5552.10 points. Qatar's benchmark lost 0.8 per cent to 8401.23 points.