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Middle East Shares Mostly Ease Amid Mixed Corporate Results

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MidEast stocks mostly softened amid mixed earnings in Saudi Arabia.

Etihad Etisalat (Mobily) swing to a Q1 profit of 16.6 million riyals ($4.43 million) from a loss of 44.5 million riyals in the prior-year period. Revenues of 3.4 billion riyals fell 6% from a year ago - the lowest turnover since Q414.

Saudi Telecom said Q1 net profit dropped 5.2% because of rising costs, earning 2.38 billion riyals compared to analysts' average expectation of 2.5 billion riyals.

Savola Group reported an 80.3%drop in Q1 net profit, missing analysts' forecasts. Its board approved a cash distribution of 0.25 riyal per share for Q1, lower than 0.5 riyal in the same period last year, according to Reuters data.

Emirates NBD said on Tuesday it laid off about 300 people in recent weeks at two subsidiaries and reported a Q1 net profit of 1.81 billion dirhams ($492.8 million), up 8% from the same period a year earlier.

Qatar Islamic International Bank posted a 5.1% rise in Q1 earnings to 223.1 million riyals ($60.8 million).

Saudi Arabia's main index dipped 0.3% to 6,512 points, Dubai eased 0.5% to 3,546 points, Abu Dhabi slipped 0.1% to 4,596 points, Qatar added 0.7% to 10,367 points, Egypt dropped 0.8% to 7,800 points, Kuwait gained 0.1% to 5,331 points, Oman firmed 0.5% to 5,739 points and Bahrain dipped 0.4% to 1,123 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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