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MIDEAST STOCKS-Saudi and Dubai trade sideways, Qatar underperforms – Reuters

DUBAI, Aug 6 (Reuters) – Stock markets in Saudi Arabia and Dubai were flat on Sunday after a mixed group of Saudi corporate earnings, while Qatar underperformed.

The Riyadh index barely moved in the first half-hour of trading. Emaar the Economic City fell 1.1 percent after it reported an 85.4-percent drop in second-quarter net profit to 35 million riyals, citing a decrease in residential sales and higher financial charges.

Al Andalus Property edged down 0.5 percent. It reported second-quarter net profit of 27.6 million riyals, up 11 percent from the same period last year.

Gulf General Cooperative Insurance added 1.3 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.6 percent after announcing a 24-percent jump in net income.

Qatar’s index dropped 0.7 percent, with 13 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3 percent.

In the United Arab Emirates, Dana Gas was down 3.1 percent, helping drag Abu Dhabi’s index 0.5 percent lower. Dubai’s index barely moved as 15 shares rose and eight declined. (Reporting by Celine Aswad; Editing by Andrew Torchia and Louise Ireland)

MIDEAST STOCKS-Saudi and Dubai trade sideways, Qatar underperforms – Reuters}

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