Gulf Markets Quiet Ahead Of Eid; DSI In Focus

Gulf Arab markets are expected to see further slowdown as the region heads into the long Eid holiday, although disappointing results from one Dubai-listed property stock could see pressure on it after a strong rally on positive sentiment.

Drake & Scull (DSI) reported a 49 percent drop in second-quarter net profit, citing higher funding costs for acquisitions and contract provisioning for the drop in earnings.

Meanwhile, Deyaar Development will also be in focus after reporting a 2.8 percent rise in second-quarter net profit, despite a 57.1 percent fall in revenue during the three months to June 30.

UAE property stocks have enjoyed a significant rally in recent weeks, as positive quarterly results boosted sentiment. Dubai bellwether Emaar Properties has risen 11.6 percent in the last month, with DSI up 15.9 percent and Deyaar climbing 22.9 percent in the same period.

Arabianbusiness