Mideast Stocks: Most Gulf shares fall on weak corporate earnings
Data on Friday showed that U.S. job growth slowed more than expected in July, raising expectations that the Fed might cut rates in September.
The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index slipped 0.7% with most of its constituents posting losses. Saudi Aramco Base Oil Company - Luberef slid 3% after it posted an 18% fall in second-quarter net profit.
Among other losers, oil major Saudi Aramco and its unit Saudi Basic Industries (SABIC) shed 0.5% and 0.4% respectively. Saudi chemicals company SABIC reported another surprise quarterly loss on Sunday.
The Abu Dhabi benchmark index fell 0.2%, dragged down by a 2% drop in RAK Properties and a 0.7% dip in Fertiglobe.
Nitrogen fertilizer producer Fertiglobe reported a 29% drop in half-year net profit and declared H1 dividend of 4.4 fils per share compared to 6.6 fils a year earlier. However, the second-quarter net profit attributable was up 41%.
Dubai's benchmark stock index was down 0.2%. Emaar Properties slipped 1% and Dubai Investments dropped 1.4%.
The Qatari benchmark index dropped 0.1%, dragged down by financials with Qatar National Bank, the region's largest lender, shedding 0.4% and Commercial Bank decreasing by 0.5%.
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