Abu Dhabi, UAETuesday 16 July 2019

Qatar banking stocks rise, Mobily results weighs on Tadawul

Shares in Dubai and Abu Dhabi barely changed

UAE's biggest telecom operator Etisalat owns a 28 per cent stake in Mobily that was founded in 2004. Courtesy Mobily
UAE's biggest telecom operator Etisalat owns a 28 per cent stake in Mobily that was founded in 2004. Courtesy Mobily

Banks pulled Qatar's stock market higher in Monday trading while Saudi Arabia's market edged down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss.

Stock markets in the UAE were little changed amid thin trading.

The Qatari Exchange added 0.8 per cent as Qatar National Bank climbed 2.6 per cent and Masraf Al Rayan rose 1 per cent. Qatar International Islamic Bank gained 0.5 per cent after reporting a modest year-on-year rise in first-half net profit.

Islamic insurer AlKhaleej Group surged 2.8 per cent in unusually heavy trade.

The Dubai Financial Market General Inded edged down up 0.1 per cent at 3,599.38. Amlak Finance, which had surged in the past two days after a partnership deal with property developer Damac, ended 1.7 per cent lower as investors booked gains.

The most heavily traded stock on the Dubai bourse, builder Drake & Scull, added 2 per cent.

Emaar Properties and Commercial Bank of Dubai led gain among big name stocks, rising 1 per cent and 3.2 per cent. At the other end of the spectrum, Sharjah Islamic Bank and Bank of Sharjah finished off 4.2 per cent and 2.4 per cent respectively.

Shares in Abu Dhabi finished up 0.1 per cent in quiet trading. Gains by Etisalat and Dana Gas were cancelled out by Sharjah Islamic and Bank of Sharjah.

In Saudi Arabia, the Tadawul All Share Index ended the day tk per cent with National Commercial Bank, the kingdom's largest lender, falling tk percent after reporting a 0.9 percent fall in second-quarter net profit.

Telecoms operator Mobily plunged tk per cent in unusually heavy trade after posting a quarterly net loss of 189.7 million Saudi riyals. Analysts had on average forecast a loss of 166 million Saudi riyals, for the company, which is part-owned by Abu Dhabi’s Etisalat Group.

Banque Saudi Fransi gained tk per cent after reporting a 4.1 per cent decline in quarterly net profit.

Retailer United Electronics jumped tk per cent; the stock will pay a first-half dividend of 0.75 riyal per share on August 20, with the stock going ex-dividend on August 5.

Shares in Kuwait closed up 0.3 per cent thanks to gains by Human Soft Holding and National Petroleum Services.

* Reuters


Updated: July 24, 2017 12:46 PM