Dubai gains; poor earnings hit Oman
16 Jul 2017 - 22:59
Dubai: Stock markets in the Gulf were mixed yesterday with the global uptrend in equities pushing Dubai’s index up to test technical resistance but weak corporate earnings hurting Oman.
The Dubai index gained 1 percent in modest trading volume to close on its April peak of 3,573 points. Eight of the 10 most heavily traded stocks rose, with the most active, Union Properties, edging up 0.3 percent. Abu Dhabi added 0.2 percent as Ajman Bank gained 2.6 percent despite reporting a moderate fall in second-quarter net profit. Its operating income actually rose slightly. The Saudi index climbed 0.5 percent in a broad-based rally. Banque Saudi Fransi added 1.4 percent and a few second- and third-tier stocks surged in unusually heavy trade; Saudi Printing and Packaging soared 8.5 percent.
Oman dropped 1.1 percent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy.