Saudi Arabia’s stock market fell on Monday after disappointing third-quarter earnings at several companies, while Egypt rebounded from two days of losses because of worries about currency depreciation.

The main Saudi Tadawul All-Share index lost 0.4 percent as industrial materials maker National Industrialization Co. (Tasnee) tumbled 8.0 percent after reporting a surprise quarterly loss, which it blamed on “lower average sales prices and lower sales volumes.”

Saudi Arabian Mining Co. (Maaden) slid 4.3 percent after reporting third-quarter net profit plunged 83.5 percent plunge to SR79.9 million ($21.3 million); analysts had forecast 209 million to SR265 million.

Construction company Abdullah Abdul Mohsin Al-Khodari and Sons sank 7.9 percent after recording a loss.

It said new contract awards in the third quarter slumped to SR31 million compared with SR554.6 million of new work in the same period of 2014 — possibly a sign government spending and construction activity in Saudi Arabia is slowing because of low oil prices.

Buy-backs of petrochemical shares, which have been depressed by low oil prices, continued, helping Saudi Basic Industries to edge up 0.3 percent. National Petrochemical Co. soared 9.5 percent after reporting a 31 percent jump in quarterly profit.

Other Gulf markets moved narrowly in modest volumes.

Qatar’s index rose 0.2 percent; the most heavily traded stock, Vodafone Qatar, adding 1.7 percent.

Commercial Bank of Qatar dropped 1.8 percent after reporting a quarterly net profit of 275.9 million riyals ($75.8 million), down from 486.5 million riyals in the same period last year. Analysts polled by Reuters had forecast 495.4 million riyals.

Dubai’s index slipped 0.1 percent to 3,704 points.

The biggest Dubai bank, Emirates NBD, sank 2.3 percent.

Abu Dhabi’s index rose 0.3 percent.

Telecomms company Etisalat, which had risen 22 percent since late August, added a further 0.7 percent.

With oil prices low, most Gulf governments tightening spending in response and Gulf currencies strong because of their pegs to the US dollar, some investors see little upside in regional markets.

“It is increasingly certain that next year will see a slowdown in economic activity due to the double whammy of tightening fiscal and monetary policies,” Tarek Fadlallah, chief executive officer at Nomura Asset Management Middle East, said in a report.

“Companies are already feeling the affects of this multiple tightening phenomenon and it is now likely that GCC (Gulf Cooperation Council) firms will experience a profit recession over the next few quarters.”

Egypt’s market rebounded 1.1 percent after dropping the two previous days.

The central bank allowed the pound to weaken slightly, which investors think is a signal that another round of managed depreciation may be starting.

The pound’s official rate has dropped to 7.9301 per dollar from 7.7301 on Thursday. Some analysts think it may reach about 8.50 in coming months, as the central bank tries to correct the country’s endemic foreign exchange shortage.

All of the 10 most heavily traded stocks on Monday were higher, however, suggesting investors have long expected the pound to weaken.

Egyptian Resorts, which may benefit if a weaker currency boosts tourism, climbed 5.1 percent in heavy trade.

Real estate companies, considered a hedge against currency depreciation, also performed well with Talaat Mostafa up 4.1 percent.

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