Middle East stock markets trade mixed

Bloomberg

Stock markets in Abu Dhabi, Kuwait, Bahrain and Egypt advanced, while those in Saudi Arabia and Oman retreated as investors wait for earnings season to build up.
“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, senior financial analyst at Mena in Dubai. “Real estate names should remain on focus, with recurring income seen pressured.”
In Saudi Arabia, dairy producer Almarai Co fell by the most in almost a month after second-quarter profit was slightly below forecasts. In Kuwait, the main index had its seventh session of increase with lenders contributing the most.
MSCI Emerging Markets Index rose 0.5 percent for the week ended on July 5, the sixth-consecutive weekly increase. MSCI EM Currency Index fell 0.2 percent.
Saudi Arabia’s Tadawul All Share Index drops 0.4 percent, with lenders National Commercial Bank, Al Rajhi Bank and Samba Financial Group contributing the most to the negative performance. Almarai’s loses 2.5 percent after posting a profit for the second quarter that was 3.6 percent below the average analyst estimate.
Lender Riyad Bank ends down 0.6 percent after proposing dividend for the first half that was higher than the same period last year. Kuwait’s gauge rises 1.2 percent, extending increase this year to 26 percent.
Lender NBK adds 0.4 percent even after Goldman Sachs downgraded the recommendation from buy to neutral.