Mideast Stocks: Major Gulf bourses muted as PMIs signal slower growth
Dubai's benchmark stock index fell 0.3%, with all sectors in the red. Dubai Investments slipped 1.7% and Dubai Islamic Bank dropped 1.4%. UAE's largest Islamic lender, DIB, reported a 10.7% increase in second-quarter net profit attributable to shareholders.
The Abu Dhabi benchmark index was down 0.2%, led by a 4% loss in Phoenix Group and a 1.3% drop in Burjeel Holding.
ADNOC Gas, however, advanced 1.5% after gas processing and sales company reported a 16% rise in second-quarter net profit and declared an interim dividend of $1.792 billion, a 5% increase from a year earlier.
Meanwhile, growth in the United Arab Emirates' non-oil business sector slowed to its weakest pace in more than four years in July, as geopolitical tensions weighed on demand, a survey showed on Tuesday.
Saudi Arabia's benchmark stock index was little changed in early trading as gains in healthcare, industry and energy stocks offset losses in real estate, finance and materials.
Dr Soliman Abdel Kader Fakeeh Hospital advanced 3.9% after the medical services provider reported a 59% increase in quarterly net profit. Seera Group Holding, however, slipped 2.7%. Tour and travel company posted a 72.9% decline in second-quarter net profit.
Elsewhere, Saudi Arabia's non-oil private sector expanded in July, albeit at a slower pace than the previous month, the Riyad Bank Purchasing Managers Index report showed on Tuesday.
Output growth eased to its lowest rate since January 2022, and new export orders fell for the first time in nine months, report said.
The Qatari benchmark index was up 0.2%, aided by a 1.2% rise in Industries Qatar and a 1.6% gain in Mesaieed Petrochemical.
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