Mideast Stocks: Most Gulf bourses fall on lower oil, corporate earnings
Dubai's benchmark stock index slipped 0.6%, after two straight sessions of gains, with almost all sectors in the negative territory. Toll operator Salik dropped 2.6% and blue-chip developer Emaar Properties 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 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 slumped 9.9% after the chemicals producer posted a second-quarter net loss. Qassim Cement 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 fell for a fifth day, down 0.1%. E7 Group 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 shed 0.9% as it posted a 19% decrease in second-quarter profit attributable. In contrast, ADNOC Logistics & Services 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 rose 0.4%, with most constituents posting gains, led by communication and finance shares. Qatar National Bank, the region's largest lender, added 0.7% and Qatar Navigation advanced 2.4%.
Outside the Gulf, Egypt's blue-chip index was up 0.3%, lifted by a 1% gain in Emaar Misr for Development and a 1.3% rise in Belton Financial Holding. Financial services provider Belton reported on Monday its second-quarter net profit attributable has almost doubled.
SAUDI ARABIA down 0.2% to 10,770
KUWAIT lost 0.6% to 9,285
QATAR rose 0.4% to 11,421
EGYPT up 0.3% to 36,004
BAHRAIN added 0.1% to 1,940
OMAN up 0.6% to 4,894
ABU DHABI down 0.1% to 10,296
DUBAI dropped 0.6% to 6,119
(Reporting by Md Manzer Hussain; Editing by Vijay Kishore)
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