Reuters logo
MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags
July 30, 2015 / 7:18 AM / in 2 years

MIDEAST STOCKS-Most Gulf markets edge up on oil, but Dubai Investments sags

DUBAI, July 30 (Reuters) - Most stock markets in the Gulf rose slightly in early trade on Thursday, tracking oil prices and global equities, but Dubai fell after conglomerate Dubai Investments reported a sharp drop in second-quarter profit.

The Dubai index edged down 0.4 percent as Dubai Investments dropped 3.0 percent. The firm, which has interests in property, manufacturing, healthcare and education, posted a 58.6 percent drop in second-quarter net profit on Wednesday, which it blamed on a one-off gain in the prior-year period.

Telecommunications company du, which has yet to report second-quarter earnings, fell 1.1 percent after several other Gulf operators posted declining profits and missed analysts’ estimates.

Abu Dhabi’s index climbed 0.2 percent as Etisalat , another telecommunications firm, added 1.4 percent. The stock had tumbled 5.4 percent on Wednesday after Etisalat reported a 40 percent drop in second-quarter net profit.

Qatar’s biggest telecommunications operator Ooredoo fell 1.2 percent after a 39 percent decline in second-quarter profit, and its smaller competitor Vodafone Qatar was down 1.6 percent, having reported a widening loss.

But the main Doha index inched up 0.1 percent, supported by Qatar National Bank, which rose 0.7 percent.

Kuwait’s bourse edged up 0.2 percent, while Oman added 0.1 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below