Middle East Stocks Mixed, Qatar and Saudi Arabia Weighed by Disappointing Corporate Results


MidEast shares were mixed, with Qatar and Saudi Arabia weighed by disappointing earnings. Egypt was pressured by a drop in its currency in the black market.

Commercial Bank of Qatar posted a 63% drop in Q2 net attributable profit to 212.3 million riyals ($58.3 million), missing Reuters’ mean forecast for 339.5 million riyals.

Saudi Electricity Co (SEC) said Q2 net profit slumped 28% to 1.4 billion riyals ($381 million), missing the estimate by analysts at NCB Capital for 2.4 billion riyals.

In other company news, Saudi Hollandi Bank said net profit was flat at 540 million riyals, beating the average analyst forecast of 508 million riyals.

Ezz Steel said its Q1net loss widened from a year earlier.

Qatar’s main index dipped 0.5% to 10,592 points, Saudi Arabia eased 0.2% to 6,631 points, Egypt dropped 1.2% to 7,503 points, Dubai firmed 0.6% to 3,547 points, Abu Dhabi gained 0.6% to 4,612 points, Kuwait added 0.2% to 5,379 points, Oman fell 0.4% to 5,817 points and Bahrain slipped 0.4% to 1,158 points.

Source: www.nasdaq.com

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