October 20, 2014 / 6:52 AM / 3 years ago

UPDATE 2-MIDEAST STOCKS-Markets give up gains as European stocks slip

(Updates market performance, context)

DUBAI, Oct 20 (Reuters) - Middle East markets gave up gains made in early trade on Monday after European bourses once again weakened, but strong third-quarter earnings supported some names in Saudi Arabia.

Dubai’s index, which was up as much as 2.5 percent early in the session, fell 0.4 percent by mid-day as the pan-European FTSEurofirst 300 index edged down 0.6 percent.

Bourses in Abu Dhabi and Qatar, both of which had opened on a positive note, also changed direction and were down 1.1 and 1.2 percent respectively. Egypt’s index fell 0.6 percent.

Industries Qatar, up 0.2 percent, was one of few gainers in Doha after reporting a 5 percent rise in third-quarter net profit on Monday. The conglomerate earned 1.86 billion riyals ($511 million) in the quarter, while analysts polled by Reuters had on average expected 1.66 billion riyals.

Saudi Arabia’s main index also gave up early gains and slipped 0.2 percent. However, petrochemical and banking blue chips were still in positive territory with Saudi Basic Industries (SABIC) up 0.5 percent and Alinma Bank up 3.4 percent.

Shares in Saudi Arabia Fertilizers Co (SAFCO) rose 0.7 percent after the company reported a 24.4 percent rise in third-quarter net profit, beating analysts’ forecasts. SAFCO made a profit of 913 million riyals ($243.5 million); analysts had predicted 794.7 million riyals.

Bank Albilad gained 2.1 percent after reporting a 20 percent profit jump in the third quarter, also ahead of estimates. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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