Most major Gulf stocks dip; Dubai bears the blow on property

Most major Gulf stocks  lower on Tuesday, weighed down by weak corporate earnings announcements, though property shares helped Dubai buck the trend.

Saudi Arabia’s benchmark index .TASI edged down 0.1%, hurt by a 6.9% plunge in telecoms firm Etihad Etisalat 7020.SE and a 0.5% decrease in oil giant Saudi Aramco 2222.SE.

The telco posted an annual profit of 31 million riyals ($8.27 million), from a loss of 123 million riyals a year earlier. However, the profit was lower than analysts’ average estimate of 194 million riyals, according to Refinitiv data.

Dubai’s main share index .DFMGI added 0.4%, extending gains for a fourth day in a row. Emaar Properties EMAR.DU climbed 2.3% and DAMAC Properties DAMAC.DU was up 0.4%.

In Qatar, the index .QSI dipped 0.3% with Doha Bank DOBK.QA plunging 10%, its biggest intraday fall since March 2018. The lender reported profits of 754 million riyals ($207.14 million) in 2019, down from 830 million riyals a year earlier.

Qatar’s losses were capped by gains at energy shipping and transport firm Naqilat QGTS.QA, which advanced 2.8% after the firm recorded a 12.4% rise in 2019 profit.

The Abu Dhabi index .ADI slipped 0.3%, driven down by its banking shares. First Abu Dhabi Bank FAB.AD and Abu Dhabi Commercial Bank ADCB.AD lost 0.3% and 0.7% respectively.