DUBAI: Stock markets in the Gulf fell on Monday after oil prices pulled back and Dubai blue chip Emaar Properties dropped following the release of its first-quarter earnings.
Saudi Arabia’s index slipped 0.6 percent as petrochemical shares in particular were weak, with Saudi Basic Industries losing 1.2 percent.
Saudi Arabian Mining Co retreated 3 percent after jumping by its 10 percent daily limit on Sunday on news that the miner had reshuffled its board and appointed the chairman of state oil giant Saudi Aramco, Khalid al-Falih, as its own chairman as part of a government drive to develop the mining sector.
In Dubai, the index fell 1.8 percent.
Emaar rose at the opening but closed 2.1 percent lower; it reported a 17 percent rise in first-quarter net profit to 1.21 billion dirhams ($330 million). SICO Bahrain had forecast 1.22 billion dirhams.
Dubai Investments, another stock commonly seen as a play on the Dubai economy, sank 5.1 percent. Dubai Financial Market slid 4 percent after reporting a 27 percent rise in first-quarter net profit on the back of an increase in trading activity.
But GFH Financial rose 0.9 percent after saying it had signed a preliminary letter of intent with Abu Dhabi’s Eshraq Properties, under which GFH might sell real estate assets to Eshraq in exchange for Eshraq shares.
Eshraq dropped 1.2 percent and was Abu Dhabi’s most heavily traded stock.
Abu Dhabi’s index lost 0.8 percent as some banks continued falling after last week’s disappointing earnings in the sector.
Abu Dhabi National Energy Co (TAQA) outperformed, rising early on and closing flat in unusually heavy trade, after sources told Reuters that TAQA was considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity as it focuses on its core business of power generation and water production.
TAQA declined to comment.
Qatar’s index fell 0.9 percent as real estate firm Ezdan Holding lost 2.7 percent after reporting a 12 percent increase in first-quarter profit to 585 million riyals ($161 million), with growth restrained by a sharp rise in expenses and financial costs.
Copyright Reuters, 2016
Courtesy : BRecorder