Gulf trades narrowly, Qatar’s CBQ drops on Q3 earnings

Gulf stock markets moved narrowly in thin early trade Monday with very few fresh incentives to buy or sell stocks, though Commercial Bank of Qatar (CBQ) dropped after disappointing third-quarter earnings.

Dubai’s index edged down 0.5 percent to 3,689 points; it has repeatedly failed to make a decisive break of technical resistance above 3,700 points in recent weeks.

The biggest Dubai bank, Emirates NBD, sank 2.3 percent in unusually heavy volumes.

Abu Dhabi’s index was flat; telecommunications blue chip Etisalat, which has risen 22 percent since late August, added a further 0.3 percent but the bulk of the 10 most heavily traded shares were unchanged.

Qatar inched down 0.02 percent as CBQ, the Gulf Arab state’s second-largest lender by assets, lost 1.8 percent. The bank had reported a quarterly net profit of 275.9 million riyals versus 486.5 million riyals a year earlier; analysts polled by Reuters had forecast 495.4 million riyals.

Source: Reuters

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