The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Reuters
Gulf stock markets were mixed despite strong oil prices on Tuesday while Saudi Arabia’s insurance sector continued to recover from last week’s losses.
The main Saudi index inched up 0.2 percent. In the insurance sector, which sank last week on expectations for a shakeout in the sector caused by tougher regulation, Malath Insurance surged 9.9 percent after the trading period for its rights issue ended, while Metlife AIG ANB jumped 3.6 percent.
Banks were mixed. Alinma Bank, which had risen 2.3 percent on Monday after it reported better-than-expected earnings, fell back 0.3 percent. But Riyad Bank edged up 0.8 percent while Alawwal Bank gained 2.1 percent.
In Qatar, major bank Masraf al Rayan was almost flat after its third-quarter profit beat estimates. It reported a 6.5 percent increase in net profit to $149 million; EFG Hermes had forecast 502 million riyals and QNB Financial Services, 508 million riyals. Qatar National Bank fell 0.5 percent, ending a six-day winning streak after it reported solid third-quarter earnings last week. Real estate developer Barwa, which has yet to report earnings, sank 3.3 percent, and as a result, Qatar’s stock index fell 0.9 percent.
“The region is dominated by retail investors, and they will tend to wait for more corporate results to decide†whether to buy stocks, said Talal Samhouri, head of asset management at Amwal LLC in Doha. “Even the volumes are not huge these daysâ€.
Dubai’s index edged down 0.4 percent as Emaar Properties fell 0.6 percent. Abu Dhabi lost 0.8 percent as Dana Gas extended losses and fell a further 2.7 percent. It has been sliding since a London court adjourned hearings last week on its attempt to avoid redeeming $700 million of maturing sukuk. Egypt’s main index closed flat after dropping almost 3 percent on a weak banking sector. Commercial International Bank dropped a further 1.3 percent