MidEast shares were flat to lower, with Saudi stocks tumbling amid more profit-taking, mostly among foreign funds, after the index last week reached a more than two-year high. However, some note volume should be dwindling with Ramadan in two weeks.
In company news, Al Rajhi Bank reported a 7.3% rise in Q1 net profit on Tuesday, marking the ninth quarter of earnings growth in a row and in line with analysts' estimates.
Drake and Scull ( DSI ) did not get approval to increase its capital via a new strategic partner. However, Abu Dhabi investor Tabarak said it has not sold any shares in the company and reassured on its long-term commitment. Tabarak owns 5.5% of DSI.
Emaar Properties said quarterly net profit rose 8.5%.
Vodafone Qatar reported a net profit of 17.5 million riyals ($4.8 million) for Q1, its first ever quarterly profit and rebounding from a net loss of 74.2 million in the year-ago period.
Ezdan Holding said Q1 net profit tumbled to 103 million riyals ($28.30 million), from 946 million riyals a year earlier, largely due to the sale of investment funds by some of its group subsidiaries.
Saudi Arabia's main index dropped 0.6% to 8,158 points, Dubai tumbled 1.2% to 3,031 points, Abu Dhabi was flat at 4,673 points, Qatar slid 1.1% to 9,014 points, Kuwait was flat at 4,781 points and Oman was unchanged at 4,731 points. Bahrain and Egypt were closed for public holidays.
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