UAE leads the market, Saudi stocks dip
UAE led five out of seven Gulf markets higher after second quarter results. As the banks leading losses, Saudi shares closed down. Dubai shares ended up 1.1% to 5405.44, led by bellwether Emaar Properties, up 1.5% to 10.50 dirhams, and Amlak Finance, up 3.4% to 4.53 dirhams. Air Arabia gained 2.6% to 1.61 dirhams. Its result is expected soon.
Abu Dhabi market rose 0.9% to 4976.15 at close, led by energy and real estate stocks. Bellwether Etisalat boosted the market, closing up 2.1% to 19.65 dirhams. Aldar Properties reported second-quarter net profit stood at 1.23bn dirhams. Shares in Saudi Arabia, the largest Gulf market, closed down 0.4% to 8740.74. Bank helped lead losses with Samba Financial Group falling 4% to 66.75 riyals. Saudi Basic Industries Corp (Sabic), gained 0.2% to 129 riyals.
Kuwaiti shares closed slightly up at 14977.5. Wataniya Telecom gained 2.8% to 2.180 dinars. The telecom company’s second quarter net profit rose 47.2% to 26.5mn dinars from a year earlier. Bahrain’s market closed down 0.7% to 2791.92, led by service shares. Muscat shares rise 0.6% to 10737.10 driven by banks.
