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 03:28 2018 Tuesday ,09 January

Dior Paris fashion exhibition breaks

GMT 21:23 2017 Friday ,28 July

US State Secretary arrives in Kuwait

GMT 23:54 2017 Wednesday ,27 September

DEWA to give away great prizes during GITEX 2017

GMT 19:22 2017 Thursday ,05 October

PM confers with AFDB delegation on ways

GMT 14:52 2017 Thursday ,19 October

Goalkeeping gaffe hands Man Utd win

GMT 14:42 2018 Wednesday ,26 September

Ukrainian leader stumbles into Russian delegation’s room

GMT 07:46 2018 Wednesday ,26 September

HRH Premier to address UN high-level health meetings

GMT 13:50 2017 Wednesday ,27 December

WAM to launch ‘Kids' Bulletin

GMT 12:36 2017 Sunday ,05 February

Nadia Murad calls Trump for not closing his country

GMT 14:26 2017 Friday ,13 October

UAE’s first hydrogen station opened

GMT 16:16 2017 Thursday ,23 February

Argentine, Spanish leaders discuss how to boost ties

GMT 14:09 2017 Thursday ,02 November

Tillerson touts US-India partnership on South Asian tour
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 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

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