Economy
Middle East Markets Trade Mixed With Focus on Earnings

(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.
HIGHLIGHTS
- MSCI Emerging Markets Index rose 0.5% for the week ended July 5, the sixth-consecutive weekly increase
- MSCI EM Currency Index fell 0.2% last week
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
- 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%
- Turkey’s lira may retreat on Monday after President Recep Tayyip Erdogan’s surprise decision to replace central bank Governor Murat Cetinkaya
Read more:
https://www.businessliveme.com/uae-al-jaber-second-restructuring-of-1-billion/
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