Mideast Markets Trade Mixed With Focus on Earnings: Inside EM - Yahoo Finance

(Bloomberg) -- Stock markets in Dubai, Abu Dhabi, Kuwait and Bahrain advanced, while those in Saudi Arabia, Oman, Qatar and Israel retreated as investors wait for earnings season to build up.“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, a senior financial analyst at Mena Corp in Dubai. “Real-estate names should remain on focus, with recurring income seen pressured.”In Saudi Arabia, the biggest stock market in the Middle East and Africa, dairy producer Almarai Co. fell after second-quarter profit was slightly below forecasts. In Kuwait, the main index is poised for its seventh session of increases with lenders contributing the most.MIDDLE EASTERN MARKETS:Saudi Arabia’s Tadawul All Share Index drops 0.2% as of 10:21 a.m. local time, with National Commercial Bank, Saudi Telecom Co. and Almarai contributing the most to negative performanceAlmarai’s loses 2.1% after announcing profit for the second quarter was 3.6% below the average analyst estimateBiggest decline in almost two weeks on a intra-day comparisonLender Riyad Bank is down 0.4% after proposing dividend for the first half that was higher than the same period last year Kuwait’s gauge rises 1.1%, the most in the region It’s set to end in oversold territory for the second-consecutive session Lender NBK adds 0.7% even after Goldman Sachs downgraded the recommendation from buy to neutralQatar’s QE Index slips 0.1%READ: Qatar’s $200 Billion Dash to World Cup Hits a Construction CliffTurkey’s lira will probably retreat on Monday after President Recep Tayyip Erdogan’s surprise decision to replace central bank Governor Murat CetinkayaREAD: Turkish Central Bank Suffers Major Jolt to Its Credibility MORE: Iran Has Breached Uranium Enrichment Limit Set Under 2015 PactTo contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.netTo contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, James Amott, Dana El BaltajiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- Stock markets in Dubai, Abu Dhabi, Kuwait and Bahrain advanced, while those in Saudi Arabia, Oman, Qatar and Israel retreated as investors wait for earnings season to build up.

“Earnings are back on the radar, and volume of trade in general could pick up as the bigger names start announcing their results,” said Issam Kassabieh, a senior financial analyst at Mena Corp in Dubai. “Real-estate names should remain on focus, with recurring income seen pressured.”

In Saudi Arabia, the biggest stock market in the Middle East and Africa, dairy producer Almarai Co. fell after second-quarter profit was slightly below forecasts. In Kuwait, the main index is poised for its seventh session of increases with lenders contributing the most.

MIDDLE EASTERN MARKETS:

Saudi Arabia’s Tadawul All Share Index drops 0.2% as of 10:21 a.m. local time, with National Commercial Bank, Saudi Telecom Co. and Almarai contributing the most to negative performanceAlmarai’s loses 2.1% after announcing profit for the second quarter was 3.6% below the average analyst estimateBiggest decline in almost two weeks on a intra-day comparisonLender Riyad Bank is down 0.4% after proposing dividend for the first half that was higher than the same period last year Kuwait’s gauge rises 1.1%, the most in the region It’s set to end in oversold territory for the second-consecutive session Lender NBK adds 0.7% even after Goldman Sachs downgraded the recommendation from buy to neutralQatar’s QE Index slips 0.1%READ: Qatar’s $200 Billion Dash to World Cup Hits a Construction CliffTurkey’s lira will probably retreat on Monday after President Recep Tayyip Erdogan’s surprise decision to replace central bank Governor Murat CetinkayaREAD: Turkish Central Bank Suffers Major Jolt to Its Credibility MORE: Iran Has Breached Uranium Enrichment Limit Set Under 2015 Pact

To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, James Amott, Dana El Baltaji

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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https://finance.yahoo.com/news/mideast-markets-trade-mixed-focus-075126580.html

2019-07-07 07:51:00Z
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