Gulf markets mirror weaker global equities

31/01/2017 06:58 AST

Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat.

Saudi Arabia’s index fell 0.1 per cent after 20 minutes of trade. Half of the 14 listed petrochemical makers declined, but Nama Chemicals jumped 8.0 per cent after soaring its 10 per cent daily limit on the two previous days following its announcement of plan to recover from major losses.

In Dubai, Aramex jumped 9.0 per cent after reporting a 129 per cent jump in fourth-quarter net profit to Dh131.8 million; EFG Hermes and SICO Bahrain had forecast Dh94m and 77.5m respectively.

The main Dubai index, however, edged down 0.1 per cent, weighed down by a 0.4 per cent decline in heavyweight Emaar Properties. The builder of the tallest tower in the world has not yet reported fourth-quarter results.

In neighbouring Abu Dhabi, blue chip National Bank of Abu Dhabi climbed 3.4 per cent ahead of Tuesday’s board meeting to discuss its quarterly earnings. The index was up 0.3 per cent.


Reuters

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