Monday , 21 August 2017
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MIDEAST STOCKS-Banks pull Qatar higher, big Mobily loss weighs on Saudi

Banks pulled Qatar’s stock market higher in early trade on Monday while Saudi Arabia’s market edged down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss.

The Qatari index added 0.4 percent as Qatar National Bank climbed 1.0 percent and Masraf Al Rayan rose 0.8 percent. Qatar International Islamic Bank gained 1.4 percent after reporting a modest year-on-year rise in first-half net profit.

Islamic insurer AlKhaleej Group surged 2.8 percent in unusually heavy trade.

Dubai’s index edged down 0.2 percent as Amlak Finance , which had surged in the past two days after a partnership deal with property developer DAMAC , traded flat. The most heavily traded stock, builder Drake & Scull , added 2.0 percent.

Saudi Arabia’s index also lost 0.2 percent with National Commercial Bank , the kingdom’s largest lender, falling 1.2 percent after reporting a 0.9 percent fall in second-quarter net profit.

Etihad Etisalat
Banque Saudi Fransi gained 2.3 percent after reporting a 4.1 percent decline in quarterly net profit.

Retailer United Electronics jumped 7.6 percent; it will pay a first-half dividend of 0.75 riyal per share on Aug. 20, with the stock going ex-dividend on Aug. 5

About Marc Mcilhone

Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

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