* Saudi's Alinma Bank sinks after Q3 misses estimates
* BUPA Arabia, Najran Cement also hit by earnings
* GFH Financial, Drake & Scull buck Dubai's fall
* QNB makes Qatar the only Gulf market to rise
* Beltone suspended, then resumes trade in Egypt
By Andrew Torchia
DUBAI, Oct 17 Saudi Arabia's stock market fell
on Monday after another set of disappointing third-quarter
earnings, while other markets in the region were also weak, in
line with the global trend.
The Saudi index slipped 1.2 percent as Alinma Bank
, the most heavily traded stock, dropped 2.9 percent.
Alinma was the latest in a string of Saudi banks to report
weak quarterly earnings as the slow economy increases impairment
charges on loans; it posted a 16.8 percent fall in third-quarter
net profit to 312 million riyals ($83.2 million). Analysts had
on average forecast 409.1 million riyals.
Medical insurer BUPA Arabia, which had dropped 4.7
percent on Sunday after posting an 8.9 percent drop in its
third-quarter net income, fell a further 2.9 percent. Najran
Cement lost 3.1 percent after reporting a
52 percent year-on-year drop in third-quarter net profit.
Petrochemicals generally outperformed, with top producer
Saudi Basic Industries, which is expected to report
quarterly earnings in the next few days, dropping only 0.6
Saudi Company for Hardware was one of the few
gainers, rising 2.3 percent after reporting a 10.1 percent rise
in quarterly net profit.
Dubai's stock index fell 0.9 percent in a
broad-based decline, although the two most heavily traded
stocks, GFH Financial and builder Drake & Scull
, rose 3.9 percent and 1.1 percent.
Abu Dhabi's index sank 2.2 percent because of a steep
decline by First Gulf Bank, which lost 4.9 percent.
Kuwait's top bank was also weak; National Bank of Kuwait
lost 1.7 percent after reporting a 6.4 percent rise in
third-quarter net profit that was in line with estimates.
The only Gulf market to gain was Qatar, which rose
0.6 percent on the back of Qatar National Bank's 1.5
percent gain. The bank reported a 10 percent rise in
third-quarter profit last week.
Egypt's index lost 2.2 percent as investment bank
EFG Hermes pulled back 2.9 percent.
Shares in Beltone Financial were briefly suspended
and then resumed trading after the stock's fair value was
mis-stated in a report given to the financial regulator on
Sunday. They last traded at 10.71 pounds, level with Sunday's
The stock has been dogged by controversy. In August, Egypt's
regulator requested that Beltone appoint a third party to assess
the fair market value of its stock after it jumped more than 550
percent. In June, Beltone filed a lawsuit against the heads of
the Cairo stock exchange and the financial regulator over the
repeated cancellation of trades in its stock.
* The index dropped 1.2 percent to 5,565 points.
* The index fell 0.9 percent to 3,272 points.
* The index sank 2.2 percent to 4,220 points.
* The index rose 0.6 percent to 10,426 points.
* The index lost 2.2 percent to 8,243 points.
* The index fell 0.4 percent to 5,287 points.
* The index dropped 1.2 percent to 5,581 points.
* The index slipped 0.3 percent to 1,138 points.
(Editing by Larry King)