middle east stock markets slip
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Middle East stock markets slip

Arab Today, arab today

Arab Today, arab today Middle East stock markets slip

Dubai - Arab Today

Middle East stock markets fell on Tuesday as a tumble by real estate developer DAMAC caused Dubai to break a seven-session rising streak and weak corporate earnings helped to pull down Egypt’s bourse.
The Tadawul All Share Index (TASI) slipped 0.5 percent. Saudi Kayan rose in early trade but closed 2.1 percent lower after reporting its second-quarter net profit climbed to SR242 million ($64.5 million) from SR97.3 million a year ago; analysts had on average predicted SR212 million.
Qassim Cement fell 0.4 percent after it reported a quarterly profit of SR53.2 million versus SR113.9 million; analysts had on average expected SR66 million.
But National Company for Glass Industries jumped its 10 percent daily limit after reporting a 224 percent leap in quarterly net profit, although operating profit actually fell sharply.
Jouf Cement gained 4.8 percent after shareholders approved a 10 percent capital increase via an issue of bonus shares, to be paid for with the company’s retained earnings.
The Egyptian blue chip index, which had closed at a record high on Monday, sank 1.7 percent in rising turnover — a negative technical sign. The broader EGX100 dropped 1.6 percent.
Ezz Steel plunged 10 percent after it reported a quarterly consolidated net loss after tax and minority interests of 521 million Egyptian pounds ($29.2 million), versus a loss of 137 million pounds a year ago.
The company said it had suffered from a very low rate of capacity utilization because of a working capital shortage after the devaluation of the Egyptian pound; it expects to cover the working capital gap gradually in coming quarters.
Arabian Food Industries slid 5.6 percent after reporting a second-quarter net profit of 12 million pounds, below some analysts’ estimates.
Large-cap Orascom Telecom Media slipped 4.2 percent as its subsidiary Beltone Financial lost 3.6 percent.
In Dubai, the index dropped 0.7 percent to 3,578 points after rising for seven straight sessions through Monday, but it held technical support at 3,573 points, the April peak. DAMAC, which had led the rally, fell back 9 percent in heavy profit-taking.
Qatar’s index slipped 0.5 percent as Masraf Al-Rayan, the second-largest bank by market value, dropped 1.4 percent.
It reported flat quarterly net profit, in line with analysts’ forecasts, suggesting the impact of Qatar’s diplomatic crisis has so far been minor. Customer deposits were 61.21 billion riyals ($16.8 billion) at the end of June, up 5.9 percent from a year earlier but down 3 percent from the previous quarter.
Al-Khalij Commercial Bank, which reported flat first-half earnings, slipped 1.8 percent and Ahli Bank, which reported a 3 percent rise in net profit for the first half, closed flat.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

middle east stock markets slip middle east stock markets slip

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

middle east stock markets slip middle east stock markets slip

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday