Banks pull Qatar stocks higher, big Mobily loss weighs on Saudi bourse

Banks pulled Qatar’s stock market higher in early trade Monday while Saudi Arabia’s stock market inched down after a string of second-quarter earnings, with telecommunications firm Mobily plunging on a bigger-than-expected loss.

The Qatari index added 0.4 percent as Qatar National Bank climbed 1.0 percent and Masraf Al Rayan rose 0.8 percent. Qatar International Islamic Bank gained 1.4 percent after reporting a modest year-on-year rise in first-half net profit.

Islamic insurer AlKhaleej Group surged 2.8 percent in unusually heavy trade.

Dubai’s index edged down 0.2 percent as Amlak Finance, which had surged in the past two days after a partnership deal with property developer DAMAC, traded flat. The most heavily traded stock, builder Drake & Scull, added 2.0 percent.

Saudi Arabia’s index also lost 0.2 percent with National Commercial Bank, the kingdom’s largest lender, falling 1.2 percent after reporting a 0.9 percent fall in second-quarter net profit.

Etihad Etisalat <Mobily) plunged 7.4 percent in unusually heavy trade after posting a quarterly net loss of 189.7 million riyals. Analysts had on average forecast a loss of 166 million riyals.

Banque Saudi Fransi gained 2.3 percent after reporting a 4.1 percent decline in quarterly net profit.

Retailer United Electronics jumped 7.6 percent; it will pay a first-half dividend of 0.75 riyal per share on Aug. 20, with the stock going ex-dividend on Aug. 5.

Source: Reuters