Most Gulf bourses fall on lower oil, corporate earnings
Dubai's benchmark stock index (.DFMGI), opens new tab slipped 0.6%, after two straight sessions of gains, with almost all sectors in the negative territory. Toll operator Salik (SALIK.DU), opens new tab dropped 2.6% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 1.3%.
"The market could remain exposed to a correction after weeks of gains and a period of consolidation", said Joseph Dahrieh, managing principal at Tickmill.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down for a fourth day, falling 0.2% to 10,770, its lowest level in nearly two months. IT, materials and consumer discretionary stocks were the biggest losers while communication, industry and utilities gained.
Methanol Chemicals Co (2001.SE), opens new tab slumped 9.9% after the chemicals producer posted a second-quarter net loss. Qassim Cement (3040.SE), opens new tab slid 3.6% after reporting a 14.5% fall in second-quarter net profit on Monday.
Oil prices, a catalyst for the Gulf's financial markets, slid 0.6% amid uncertainty ahead of a crucial meet between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine.
Brent was trading at $66.2 a barrel by 1250 GMT.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell for a fifth day, down 0.1%. E7 Group (E7.AD), opens new tab dropped 2.7% after the printing and packaging solutions provider reported an 82.1% drop in second-quarter net profit, while investment firm Agility Global (AGILITY.AD), opens new tab shed 0.9% as it posted a 19% decrease in second-quarter profit attributable.
In contrast, ADNOC Logistics & Services (ADNOCLS.AD), opens new tab climbed 7.5%, its biggest intraday percentage gain in over two years.
Maritime logistics company ADNOCLS reported a 14% rise in second quarter net profit, beating expectations per data compiled by LSEG.
The Qatari benchmark index (.QSI), opens new tab rose 0.4%, with most constituents posting gains, led by communication and finance shares. Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, added 0.7% and Qatar Navigation (QNNC.QA), opens new tab advanced 2.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.3%, lifted by a 1% gain in Emaar Misr for Development (EMFD.CA), opens new tab and a 1.3% rise in Belton Financial Holding (BTFH.CA), opens new tab.
Financial services provider Belton reported on Monday its second-quarter net profit attributable has almost doubled.
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