Middle East Stocks Mostly Drop As Brent Crude Hits 11-Wk Low; Saudi Shares Pressured by Earnings
MidEast shares mostly declined in step with Brent crude prices, which hit a new 11-week low. Saudi Arabia felt further pressure from weak quarterly results.
Etihad Etisalat (Mobily) swung to a net profit of 18.8 million riyals ($5 million) inQ2, from a loss of 901 million riyals in the prior-year period, but misssed estimates by analysts polled by Reuters who forecast a quarterly profit of 52.5 million riyals.
Abdullah Abdul Mohsin al-Khodari and Sons reported a worse-than-forecast net loss of 43.34 million riyals in Q2.
National Industrialization Co (Tasnee) reported a quarterly net profit of 104 million riyals, beating analysts' forecasts for a net loss of 1.2 million riyals but sales fell.
Saudi Indian Company for Cooperative Insurance reported a 774% surge in Q2 profit before tax to 4.48 million riyals on rising revenues.
In other company news, Dubai Financial Market said Q2 net profit fell 60% to 53.5 million dirhams ($15 million). DFM said the value of shares traded on the market in the first six months of 2016 shrank 32.7% year-on-year.
Aramex rose and after the market closed, Bloomberg reported founder Fadi Ghandour had sold his entire 9.9% stake in the firm to Gulf investors including Emaar Properties chairman Mohamed Alabbar.
Saudi Arabia's main index dipped 0.7% to 6,471 points, Dubai fell 0.4% to 3,540 points, Abu Dhabi dropped 0.5% to 4,592 points, Egypt firmed 0.3% to 7,540 points, Qatar shed 0.2% to 10,538 points, Kuwait jumped 1.6% to 5,484 points, Oman eased 0.03% to 5,810 points and Bahrain gained 0.4% to 1,160 points.
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