x Abu Dhabi, UAEFriday 28 July 2017

Qatar fails to get excited by earnings as market falls

Markets Update: Qatar's index slumps after earnings releases fail to excite investors.

Qatar's market slumped after earnings releases failed to excite local investors, fearful of growing tensions surrounding the European sovereign debt crisis.

Qatar National Cement reported profits of 329 million Qatari riyals for the first nine months of the year, a 12.9 per cent decrease on last year. Qatar General Insurance also reported nine-month profit up 13 per cent on a year earlier at 89.7m riyals.

The QE Index fell 0.4 per cent to 8,342.88 amid a broader malaise affecting Gulf markets in early trading.

Stocks on the Dubai Financial Market were little changed at 1,362.22, while the Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,451.80.

Abu Dhabi Commercial Bank was the biggest gainer on the capital's index, with stocks rising 2.9 per cent to Dh2.84 each.

Aldar Properties and Emaar Properties also rose, though stocks in the Dubai Financial Market, the UAE's only listed exchange, fell 0.2 per cent amid a prolonged drought in market activity.

Asian stocks fell in the early hours of the morning, with the Hang Seng Index losing 2.4 per cent to 17,868.46. Japan's Nikkei 225 index slid 1 per cent to 8,682.15.

European stocks have opened lower, as bickering amongst eurozone nations threatens to derail efforts to tackle the 17-member currency bloc's sovereign debt crisis.

Nervousness about global growth sent oil prices falling, with Brent futures losing 36 cents to $109.29 per contract.