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Tuesday, 8 August 2017

MIDEAST STOCKS-Gulf markets narrowly mixed but Dubai's Air Arabia surges

MIDEAST STOCKS-Gulf markets narrowly mixed but Dubai's Air Arabia surges:

"Stock markets in the Gulf were narrowly mixed in sluggish, early trade on Tuesday although Dubai's Air Arabia rose sharply on better-than-expected second-quarter earnings. Air Arabia surged 6.5 percent, accounting for over a third of the market's trading volume, after it reported a 19.2 percent rise in second-quarter net profit to 150.7 million dirhams ($41.03 million). EFG Hermes and SICO Bahrain had forecast 95.9 million dirhams and 96.3 million dirhams. Dubai's index edged up only 0.1 percent, however, as falling stocks outnumbered gainers 14 to eight. Amlak Finance dropped 1.8 percent despite reporting that it had swung to a small second-quarter profit from a year-earlier loss."



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