Saudi, Qatari stocks slip on weak earnings as Egypt’s benchmark hits record high

Saudi Arabia and Qatar’s stock markets lost ground on Sunday after disappointing corporate earnings, while Egypt’s blue-chip index climbed for a seventh consecutive session to reach an all-time high, buoyed by easing inflation and investor optimism.

Saudi Arabia’s benchmark index (.TASI) fell 0.3%, marking its second straight day of declines, as most constituents closed lower. Among the stocks that experienced dips were Arabian Contracting Services, which plunged 10% after swinging to a second-quarter net loss from a profit a year earlier. BinDawood Holding dropped 1.2% following a 32.7% fall in quarterly profit, while IT services provider Jahez shed 10% after reporting a 21.9% decline in net profit.

The Qatari benchmark (.QSI), on the other hand, witnessed little change after touching a more than 2½-year high in the previous session, with weakness in the real estate, industry, and materials sectors offsetting gains in energy, communications, and finance. Industries Qatar fell 1.9%, Mesaieed Petrochemical dropped 1.2%, while Qatar Islamic Bank rose 0.7% and Estithmar surged 7.9%.