Major Gulf stocks mostly dampened by disappointing earnings
Most major Gulf stocks on Thursday were subdued, dampened by disappointing earnings at major companies.
The Dubai index fell 0.2 percent with its largest listed developer Emaar Properties falling 1 percent, while its unit Emaar Malls opened 1.7 percent lower.
Emaar Properties posted a 1.7% decline in fourth-quarter profit to 1.76 billion dirhams on Wednesday, from 1.79 billion dirhams the same period year ago.
Dubai is forecasted to witness the biggest number of new homes completed in more than a decade this year, adding to pressure on a once-booming but now struggling property sector, according to Knight Frank report.
Rival DAMAC Properties, which reported its first annual loss since 2010 on Tuesday, opened 0.8 percent lower.
However, Dubai Islamic Bank gained 0.5 percent after it posted an increase in annual profit.
Saudi Arabia’s main stock index traded flat with energy and financial stocks moving sideways. However, Rabigh Refining and Petrochemical Company stocks dived 8.6 percent, making them the biggest fallers on the index.
The stock saw its biggest decline in over six months after Rabigh swung to a net loss of 544 million riyals in 2019, opposed to a profit of 669 million riyals in 2018.
Meanwhile, Al Rajhi Bank surged 0.6 percent and the kingdom’s largest lender National Commercial Bank traded 0.3 percent higher.
Qatar’s index dropped 0.3 percent. Industries Qatar fell a further 1.5 percent, a day after it witnessed its biggest decline in six months as 2019 profits almost halved from a year earlier.
Abu Dhabi’s index eased 0.3 percent. First Abu Dhabi Bank, the country’s largest lender, declined by 0.3 percent, while Abu Dhabi Islamic Bank inched down 0.4 percent, a day after it posted a marginal increase in fourth-quarter profit.