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Abu Dhabi, UAEThursday 13 December 2018

Saudi and UAE bourses flat, Qatar stocks fall

Mixed earnings for Saudi stocks

Ooredoo stocks fell sharply in early Sunday trading. Fadi Al Assaad / Reuters
Ooredoo stocks fell sharply in early Sunday trading. Fadi Al Assaad / Reuters

Stock markets in Saudi Arabia and Dubai were flat on Sunday after a mixed group of Saudi corporate earnings, while Qatar underperformed.

The Riyadh index barely moved in the first half-hour of trading. Emaar the Economic City fell 1.1 per cent after it reported an 85.4-per cent drop in second-quarter net profit to 35 million Saudi riyals, citing a decrease in residential sales and higher financial charges.

Al Andalus Property edged down 0.5 per cent. It reported second-quarter net profit of 27.6 million riyals, up 11 per cent from the same period last year.

Gulf General Cooperative Insurance added 1.3 per cent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.6 percent after announcing a 24-per cent jump in net income.

Qatar's index dropped 0.7 per cent, with 13 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3 per cent.

In the United Arab Emirates, Dana Gas was down 3.1 per cent, helping drag Abu Dhabi's index 0.5 per cent lower. Dubai's index barely moved as 15 shares rose and eight declined.

* Reuters