Markets

MidEast Shares Mixed, Saudi Stocks Weighed by Mobily

Middle East shares were mixed, with Saudi stocks weighed by Mobily.

Mobily restated 18 months of earnings and posted a surprising drop in profit. It cut its profits for 2013 and the first half of 2014 by a combined 1.43 billion riyals ($381.2 million), citing accounting errors. The firm also reported a 71% drop in Q3 profit.

The Capital Market Authority subsequently announced it had launched an investigation into Mobily, 28% owned by the United Arab Emirates' Etisalat, to determine whether it had violated bourse rules. This comes just a few months before the stock market is due to open up to direct foreign ownership.

In other news, Vodafone Qatar reported a quarterly loss of 53.5 million riyals ($14.7 million), worse than forecasts by two analysts polled by Reuters, who had expected a loss between 21.6 million and 30.6 million riyals.

Zain posted a 13% drop in Q3 profit to 46 million dinars ($158 million), below analysts' mean forecast for 60.1 million dinars.

Bahrain's was closed for a national holiday.

Saudi Arabia's main index slumped 3.5% to 9,785 points, Egypt gained 1% to 9,531 points, Dubai shed 0.6% to 4,549 points, Abu Dhabi was flat at 4,950 points, Qatar inched up 0.1% to 13,799 points, Kuwait eased 0.4% to 7,293 points and Oman fell 0.4% to 7,006 points.

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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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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