Middle East Shares Mixed

MidEast stocks were mixed, with only mild support coming from a gain in crude prices. Brent crude futures had added to Tuesday’s gains by Wednesday afternoon in local market hours, but investors were mostly still focused on the start of the earnings season. Sipchem said quarterly profit more than quintupled to 59.8 million riyals ($15.9 million), beating analysts’ average forecast of 33.49 million riyals.

National Industrialisation (Tasnee) said Q2 net profit rose 7% to 93.6 million riyals, below analysts’ forecast of 129.7 million riyals. United Electronics said quarterly net profit jumped to 43.4 million riyals from 11 million riyals, roughly double forecasts by EFG Hermes and NCB Capital. Saudi British Bank posted a 1.9% drop in Q2 net profit to 1.13 billion riyals but it was at the high end of analysts’ forecasts of 1.01 billion riyals.