JEDDAH/DUBAI — National Commercial Bank (NCB) and telecom stocks dragged down Saudi Arabia’s main index on Monday while Emaar Properties weighed on Dubai’s stock market for the second day in a row.

At the close, The Saudi stock benchmark Tadawul All Share Index fell 1.3 percent at 6,886 points to hit a new 3-months low on the back of the banking and insurance sectors, as NCB reported an 8.4 percent rise in third-quarter net profit, or around 5 percent below analysts’ estimates. It fell 4.8 percent.

Bank Aljazira fell 1.0 percent, although it reported a 41 percent rise in third-quarter net profit to SR228 million. Alawwal Bank also sank 3.4 percent. Alinma Bank was the most heavily traded stock and lost 2.1 percent.

Most Saudi insurers also fell: Metlife AIG ANB Cooperative Insurance fell 1.7 percent and Malath Insurance lost 3.7 percent.

“NCB is one of the first stocks to affect the Saudi index, all the other banks and insurers just followed,” said Jassim al Jubran, equity researcher at Aljazira Capital in Riyadh.

Saudi Arabia’s Etihad Etisalat (Mobily) sank 7.3 percent after it reported a third-quarter loss on Monday, blaming a rule introduced last year requiring fingerprints be registered with SIM cards for shrinking the telecom market.

“Retail investors represent almost 90 percent of the market, so they tend to react immediately to the news,” Al Jubran added.

The best performers of the session on the Tadawul All Share were Al-Rajhi Cooperative Insurance, which rose 2.61% or 1.54 points to trade at 60.50 at the close. Meanwhile, Dallah Healthcare Holding Company added 2.29% or 2.24 points to end at 100.00 and The Company for Coop. Insurance was up 1.46% or 1.37 points to 95.00 in late trade.

The worst performers of the session were Etihad Etisalat Co, which fell 7.35% or 1.12 points to trade at 14.12 at the close. Southern Province Cement Co. declined 5.54% or 2.41 points to end at 41.10 and Nama Chemicals Co. was down 4.46% or 0.78 points to 16.70.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 141 to 27 and 11 ended unchanged.

Shares in Etihad Etisalat Co fell to all time lows; falling 7.35% or 1.12 to 14.12. Shares in Southern Province Cement Co. fell to 5-year lows; falling 5.54% or 2.41 to 41.10.

Elsewhere, Dubai index lost 0.7 percent as Emaar fell another 2.3 percent, after losing 2.1 percent on Sunday, after it said it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offering.

Qatar’s index was down 0.5 percent after US Secretary of State Rex Tillerson, who arrived in Doha on Sunday, said there was little chance of a swift breakthrough to resolve a blockade imposed on the Gulf state by Saudi Arabia and its Arab allies.

In Egypt, the index surged 1.2 percent as Juhayna Food Industries gained 4.2 percent after it reported a 12 percent rise in third-quarter consolidated net profit attributable to shareholders. In the first half of the year, its profits had dropped. — SG/Reuters