July 24, 2018 / 8:28 AM / in 2 months

MIDEAST STOCKS-Petchem shares down in Saudi, Drake and Scull lifts Dubai

DUBAI, July 24 (Reuters) - Petrochemical shares dragged the Saudi market down in early trade on Tuesday.

The index was 0.2 percent lower, pulled down by Saudi Kayan Petrochemical Co and Sahara Petrochemical , down 0.3 percent and 1.3 percent respectively after second quarter results.

Saudi Kayan posted a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals a year earlier and beating average analysts’ expectations.

Sahara Petrochemical posted on Monday a second-quarter net profit of 221.2 million riyals, also higher than a year ago and beating analysts’ expectations.

Middle East Specialised Cable plunged 9.4 percent after proposing a capital reduction to 399.6 million riyals from 600 million riyals.

In Abu Dhabi, where the index was down 0.5 percent, heavyweight First Abu Dhabi Bank was down 0.8 percent ahead of the publication of its second quarter results, expected on Tuesday.

The Dubai index was flat, with Drake and Scull International (DSI) seeing the highest trading volume and rising 1.7 percent. The share had fallen on concerns about its financial position, business outlook and the outcome of an investigation by United Arab Emirates authorities into alleged financial violations by previous management.

The Qatari index was up 1.2 percent, lifted by blue-chip Qatar National Bank, up 2 percent, and heavyweight Industries Qatar, up 1.9 percent.

$1 = 3.7503 riyals Reporting by Davide Barbuscia; editing by John Stonestreet

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