off-the-wire

MIDEAST STOCKS-Major Gulf bourses mixed in early trade

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Md Manzer Hussain Feb 15 (Reuters) - Major Stock markets in the Gulf were mixed in early trade on Wednesday as investors parsed corporate earnings for clues, with Abu Dhabi shares snapping its previous session gains. In Abu Dhabi, the benchmark stock index dropped 0.6%, dragged down by a 1.8% loss in Alpha Dhabi and a 1.5% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank, fell 1.1%. Among the losers, Fertiglobe and conglomerate International Holding Company dropped 2.3% and 0.3% respectively.


The later reported a 175% jump in 2022 net profit boosted by a 76.5% increase in revenue.


Dubai's benchmark stock index opened in the red, trading 0.3% lower, weighed down by losses in almost all sectors, with largest lender Emirates NBD and utilities provider DEWA falling 0.8% and 0.4% respectively.


Dubai's blue chip developer Emaar Properties slid 2.4% although it reported on Tuesday an 80% rise in full year net profit, but an 11% drop in revenue. Saudi Arabia's benchmark stock index edged up 0.1%, helped by gains in finance and health care sectors with Dr. Sulaiman Al-Habib Medical Services rising 2.1% and the world's largest Islamic bank by assets Al Rajhi Bank gaining 0.5%. However, luxury real estate developer Retal Urban and Saudi Basic Industries fell 0.9% and 0.8% respectively. The Qatari Stock index inched up 0.2%, supported by gains in financials sector stocks, with Qatar Islamic Bank jumping 3.3% and Qatar Commercial Bank surging 3.7%.


However, the region's largest lender Qatar National Bank and petrochemicals and fertilisers producer Industries Qatar dropped 3.1% and 1.6% respectively. (Reporting by Md Manzer Hussain; Editing by Alison Williams)

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