Gulf Stocks

DUBAI / Reuters Saudi Arabia’s stock market index recorded its sixth straight session of declines on the back of weak second-quarter corporate earnings, but Dubai outperformed a weaker region as bluechips rose. The Riyadh index slipped 0.3 percent as shares of milk and yoghurt maker Saudi Dairy Foodstuff Co fell 1.3 percent after it reported a 5.2 percent drop in ...

DUBAI / Reuters Disappointing second-quarter results from large cap Saudi Arabian companies were the main drag on the local index on Sunday, while neighbouring bourses were mostly weak. The Riyadh index fell 0.8 percent as the largest petrochemical maker Saudi Basic Industries (SABIC) lost 1.3 percent after it reported a second-quarter net profit of 3.71 billion riyals ($989.3 million), below ...

DUBAI / Reuters Poor corporate earnings, due in part to Saudi Arabia’s austerity policies and sluggish economic growth, weighed on the Saudi stock market on Tuesday as most regional bourses were virtually flat. The Saudi stock index fell 0.3 percent in thin trade. National Shipping Co (Bahri) sank 5.6 percent after reporting that quarterly net profit plunged to 153.9 million ...

Reuters Banks pushed Qatar’s stock market higher on Monday while Saudi Arabia’s market edged down as telecommunications firm Mobily plunged in the wake of a bigger-than-expected quarterly loss. The Qatari index added 0.8 percent to 9,579 points, outperforming the rest of the region and closing at its highest level since June 5, when a diplomatic crisis with neighbouring Arab states ...

DUBAI / Reuters Islamic finance firm Amlak helped to boost Dubai’s stock market on Sunday while Qatar pulled back after events at the weekend failed to point to progress in resolving the diplomatic crisis between Doha and neighbouring states. The Dubai index added 0.6 percent as Amlak surged 3.6 percent to 1.16 dirhams, closing above its 200-day average for the ...

DUBAI / Reuters Dubai’s stock index rose above technical resistance on Monday, suggesting a long period of underperformance compared with the region and other emerging markets might be ending, while a bank going ex-dividend helped to pull down Saudi Arabia’s market. The Dubai index gained 0.8 percent to 3,602 points, eclipsing its April peak of 3,573 points. The next, strong ...

Bloomberg Stock markets in the Gulf were mixed on Sunday with the global uptrend in equities pushing Dubai’s index up to test technical resistance but weak corporate earnings hurting Oman. The Dubai index gained 1.0 percent in modest trading volume to close on its April peak of 3,573 points. Eight of the 10 most heavily traded stocks rose, with the ...

ABU DHABI / WAM Driven by a high level of liquidity targeting a set of blue chips, the Dubai Financial Market (DFM) recorded an impressive volume spike, auguring well for a price improvement over the coming days. Reflecting the same bullish view, the Abu Dhabi Securities Exchange (ADX) closed high thanks to a noticeable rise in Etisalat’s share which closed ...

DUBAI / Reuters Middle East markets followed global shares higher on Monday and Saudi Arabia’s stock index was bolstered by strong quarterly reports and dividend announcements. For now, unease about an end to the era of ultra-cheap money has given way to optimism about global growth, with Friday’s stronger-than-expected US non-farm payrolls report bolstering risk appetite. Data on Monday showed ...

Bloomberg Investors looking to back winners in Saudi Arabia’s second-quarter earnings season should focus on consumer and retail companies rather than petrochemicals, analysts in the region say. Extra spending by Saudis after the government’s June 21 decision to reverse a cut to state salaries and benefits, and increased food sales for feasts related to the holy month of Ramadan should ...