Bank results weigh on Gulf indexes

Shares in Dubai broke a five-day winning streak on Tuesday as investors booked profits, with bank shares closing lower after poor results.

Abu Dhabi shares also fell, while Saudi equities continued to rise.

The Dubai Financial Market General Index ended the day 0.6 per cent lower at 3,336.76.

The index bellwether Emaar Properties ended the day down 0.7 per cent at Dh6.85, while DXB Entertainments closed 1.8 per cent lower at Dh1.60.

Shares in Mashreq fell 3 per cent to Dh63. The bank announced a 25 per cent fall in third-quarter profit on Sunday.

Dubai Islamic Bank, which also this week announced disappointing results, closed 0.3 per cent lower at Dh5.28.

Tabreed was the pick of a handful of gainers, closing up 2.7 per cent at Dh1.89.

The Abu Dhabi Securities Market General Index closed 0.5 per cent lower at 4,264.44.

Gains by Etisalat were cancelled out by FGB shares, which fell 3.2 per cent to Dh10.55 ahead of the bank’s third-quarter results announcement on Thursday.

Abu Dhabi Islamic Bank shares fell 0.5 per cent to Dh3.49, after the bank announced a 1 per cent increase in quarterly profit on Monday.

Shares in Saudi Arabia, meanwhile, advanced for a fifth consecutive day, driven by gains at Al Rajhi Bank, Sabic and Saudi Mining (Ma’aden), as investor sentiment remained positive following last week’s US$17.5 billion bond issue.

The Tadawul closed up 1.4 per cent at 5,582.44, its highest level in about a month.

In Doha, the Qatar Exchange ended the day virtually unchanged, closing 0.02 per cent lower. QNB led gainers, rising 0.4 per cent to 162.40 riyals.​

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John Everington

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