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Abu Dhabi, UAEWednesday 19 September 2018

Muted day for Arabian Gulf stock markets

Dubai's index fell 0.3 per cent in early trading but recovered in the afternoon to finish up 0.4 per cent.

Alinma Bank, the heaviest traded stock on the Saudi index, ended the day down 0.4 per cent.
Alinma Bank, the heaviest traded stock on the Saudi index, ended the day down 0.4 per cent.

Arabian Gulf stock markets were little changed in Wednesday trading, with much activity in Saudi Arabia and Dubai focusing on second and third-tier stocks.

The Saudi index ended a quiet day down 0.4 per cent, dragged lower by Al Rajhi Bank and National Industrialisation Company. Alinma Bank, the heaviest traded stock on the index, ended the day down 0.4 per cent.

Saudi British Bank opened up 0.4 per cent but ended the day down 0.3 per cent, after posting a 1.9 per cent drop in its second-quarter net profit to 1.13 billion Saudi riyals, at the high end of the forecasts of analysts, who had on average predicted 1.01bn riyals.

The retailer United Electronics gained 2.3 per cent; it was in line with analysts' forecasts as it reported quarterly net profit jumped to 43.4 million riyals from 11m riyals, citing higher sales and wider margins on some products.

Dubai's index fell 0.3 per cent in early trading but recovered in the afternoon to finish up 0.4 per cent. Islamic Arab Insurance and Dubai Islamic Insurance, which had dominated trading volume as they surged on Tuesday, were among the top five traded stocks on the index, both falling sharply.

Dubai Investments and Dubai Islamic Bank led gainers, rising 2.1 per cent and 0.9 per cent, respectively. Aramex fell 0.9 per cent ahead of the anticipated release of its earnings on Thursday. Union Properties and Emirates NBD also finished lower.

Stocks in Abu Dhabi fell 0.4 per cent, as trading volumes recovered from a two-week low on Tuesday.

First Abu Dhabi Bank shares fell 0.9 per cent ahead of the bank’s second quarter results release. Union National Bank and Commercial Bank International also trailed.

Qatar's index dropped 0.1 per cent. Barwa Real Estate lost 0.9 per cent after it reported first-half net profit fell to 912 million Qatari riyals from 1.2bn riyals.

Al Meera Consumer Goods continued to attract unusually high trading volumes, rising 1.9 per cent after a 5.8 per cent jump on Tuesday.

Shares in Oman led gains across the Gulf, closing up 0.6 per cent thanks to gains from Bank Dhofar and Omantel. Stocks in Bahrain rose 0.2 per cent, led by banking stocks.

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