JEDDAH: Most stock markets in the Middle East fell after several companies reported poor third-quarter earnings and European equities edged down along with oil prices.

Saudi Arabia’s Tadawul All-Share Index fell 1.2 percent as most sectors were in the red.

Shares in Saudi Electricity Co. fell 1.4 percent after the company posted a 6.5 percent drop in third-quarter net profit on Sunday.

SEC made SR2.67 billion during the three months to Sept. 30.

Saudi Basic Industries (SABIC) fell 1.3 percent, having slid 0.6 percent in the previous session after posting a 4.5 percent decrease in third-quarter profit.

Dubai’s bourse, which rose as much as 0.8 percent early in the session, gave up all its gains when European markets moved into negative territory. The benchmark fell 1.4 percent to 4,625 points, but remained above the 200-day average at 4,599 points, an important technical level.