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04 December 2023

Emaar lifts Dubai index; Gulf markets mixed

Gulf markets tumbled below their 200-day averages in the final months of last year as the plunge in oil prices shattered retail investors' confidence. (Ashok Verma)

By Reuters

Gulf stock markets were mixed in early trade on Thursday as quarterly earnings lifted some names in the United Arab Emirates while negative news weighed on Qatar.

Dubai's index added 1.5 percent as Dubai Islamic Bank jumped 2.6 percent and Emaar Properties  gained 1.3 percent.

The latter's subsidiary, Emaar Malls Group, edged up 0.4 percent after reporting full-year results, even though they were slightly below analysts' average estimate. The firm reported an annual profit of 1.35 billion dirhams ($368 million)in 2014, while analysts had expected 1.42 billion dirhams.

Abu Dhabi's benchmark edged up 0.3 percent as shares in Sharjah Islamic Bank surged 5.3 percent. The lender reported a 23 percent increase in 2014 net profit on Wednesday. Abu Dhabi Islamic Bank, whose board will review earnings on Sunday, added 1.3 percent.

Qatar's index inched down 0.1 percent as shares in telecommunications firm Ooredoo fell 0.8 percent. Rating agency Moody's changed to negative from stable the outlook for Ooredoo's credit rating, saying that "profitability in Ooredoo's core markets has been declining at a faster pace than initially expected".

Oman's bourse slipped 0.2 percent and Kuwait was nearly flat.