Saudi up, Dubai down in mixed start for Gulf markets

Saudi Arabian stocks followed Asian shares in rallying on Monday after data showing the U.S. economy created more jobs than expected in June.

The Saudi index was slightly up in early trading, gaining 0.2 percent, with United Electronics Company rising 3.5 percent after it posted a second-quarter net profit of 45.6 million riyals ($12.2 million), 5.1 percent up from the same period of last year.

Al Rajhi Bank and Saudi Basic Industries Corporation 2010.SE were the main drivers, climbing 0.5 percent and 0.3 percent, respectively.

Asian shares rallied on Monday after the U.S. jobs data released on Friday showed strength in the economy before a trade war started between the United States and China, which analysts warned could slow hiring.

The Dubai index opened 0.4 percent down, with Emaar Properties falling 1.4 percent.

Ajman Bank was a bright spot, rising 1.7 percent after the bank on Sunday reported a 54 percent rise in net profit to 45 million dirhams.

The Abu Dhabi index slipped 0.3 percent, with construction industry firms Abu Dhabi National Company for Building Materials and Arkan Building Materials Company the worst performers. Abu Dhabi National Company for Building Materials was down 6 percent, with Arkan Building Materials Company slumping 5 percent.

In Qatar, the index was up 0.2 percent. Qatar National Bank was up 1.3 percent, rallying for a second day ahead of the release of its second-quarter financial results on Wednesday.

Source: Reuters

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