Mideast Markets Trade Mixed With Focus on Earnings: Inside EM
Mideast Markets Trade Mixed With Focus on Earnings: Inside EM
(Bloomberg) -- Stock markets in Abu Dhabi, Kuwait, Bahrain and Egypt advanced, while those in Saudi Arabia, Dubai, 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, 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 by the most in almost a month after second-quarter profit was slightly below forecasts. In Kuwait, the main index had its seventh session of increase with lenders contributing the most.
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MIDDLE EASTERN MARKETS:
- Saudi Arabia’s Tadawul All Share Index drops 0.4%, with lenders National Commercial Bank, Al Rajhi Bank and Samba Financial Group contributing the most to the negative performance
- Almarai’s loses 2.5% after posting a profit for the second quarter that was 3.6% below the average analyst estimate
- Biggest decline since June 13
- Lender Riyad Bank ends down 0.6% after proposing dividend for the first half that was higher than the same period last year
- READ: MENA Banks Expected to Have Strong Earnings Growth in 2Q: EFG
- Almarai’s loses 2.5% after posting a profit for the second quarter that was 3.6% below the average analyst estimate
- Kuwait’s gauge rises 1.2%, extending increase this year to 26%
- It ended in oversold territory for the second-consecutive session
- Lender NBK adds 0.4% even after Goldman Sachs downgraded the recommendation from buy to neutral
- Qatar’s QE Index slips 0.5%
- READ: Qatar’s $200 Billion Dash to World Cup Hits a Construction Cliff
- Turkey’s lira may retreat on Monday after President Recep Tayyip Erdogan’s surprise decision to replace central bank Governor Murat Cetinkaya
- READ: Lira Traders Brace for Impact After Erdogan Ousts Central Banker
- MORE: Iran to Pursue Nuclear Talks While Breaching Enrichment Level
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, Abbas Al Lawati
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