Qatar stocks lifted by bank gains

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

Stock markets in the UAE were little changed amid thin trading.

The Qatari Exchange added 0.8 per cent as Qatar National Bank climbed 2.6 per cent and Masraf Al Rayan rose 1 per cent. Qatar International Islamic Bank gained 0.5 per cent after reporting a modest year-on-year rise in first-half net profit.

The Dubai Financial Market General Inded edged down up 0.1 per cent at 3,599.38. Amlak Finance, which had surged in the past two days after a partnership deal with property developer Damac, ended 1.7 per cent lower as investors booked gains.

The most heavily traded stock on the Dubai bourse, builder Drake & Scull, added 2 per cent.

Emaar Properties and Commercial Bank of Dubai led gain among big-name stocks, rising 1 per cent and 3.2 per cent. At the other end of the spectrum, Sharjah Islamic Bank and Bank of Sharjah closed off 4.2 per cent and 2.4 per cent respectively.

Shares in Abu Dhabi finished up 0.1 per cent in quiet trading. Gains by Etisalat and Dana Gas were cancelled out by Sharjah Islamic and Bank of Sharjah.

In Saudi Arabia, the Tadawul All Share Index ended the day 0.2 per cent down with National Commercial Bank, the kingdom’s largest lender, falling 1.1 per cent after reporting a 0.9 per cent fall in second-quarter net profit.

Mobily plunged 7.1 per cent in unusually heavy trade after posting a quarterly net loss of 189.7 million Saudi riyals. Analysts had on average forecast a loss of 166m riyals for the company, which is part-owned by Abu Dhabi’s Etisalat.

Banque Saudi Fransi gained 3.2 per cent after reporting a 4.1 per cent decline in quarterly net profit. Retailer United Electronics jumped 4.3 per cent; the stock will pay a firsthalf dividend of 0.75 riyals per share on August 20 and go ex-dividend on August 5.

Shares in Kuwait closed up 0.3 per cent thanks to gains by Human Soft Holding and National Petroleum Services.