Abu Dhabi index dips on TAQA’s weak Q2, Gulf moves little

Stock markets in the Gulf were little changed in early trade Wednesday with Abu Dhabi’s index lagging on poor second-quarter earnings from an energy-related company.

Abu Dhabi’s index slipped 0.2 percent as Abu Dhabi National Energy Co (TAQA) fell 3.6 percent, erasing some of the 12 percent gain posted over the previous week, after it reported a wider second-quarter net loss.

The state-owned oil explorer made a net loss of 588 million dirhams ($160.2 million) versus a loss of 421 million dirhams a year ago.

Some mid-sized property developers also underperformed, with Eshraq Properties falling 1.4 percent.

In Dubai, the index rose 0.3 percent with Union Properties up 1.3 percent after it reported a 270 percent leap in second-quarter net profit attributable to shareholders. The firm cited increased contracting, higher property valuations and gains from selling investment properties.

Some large-cap shares which had outperformed on Tuesday continued inching higher, with Emaar Properties adding 0.7 percent.

Qatar’s index inched up 0.3 percent. Banking shares were some of the top performers with Masraf Al Rayan advancing 2.3 percent and Qatar Islamic Bank adding 1.4 percent.

Saudi Arabia’s index nudged up 0.03 percent, helped by small gains in the banking sector. Al Rajhi Banking and Investment, the largest Islamic lender, added 0.4 percent.

The petrochemical sector, which had been rising over the last four sessions, lagged as some second-tier producers pulled back. Nama Chemicals lost 0.8 percent.

Source: Reuters

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