MIDEAST STOCKS-Gulf moves sideways early on; Qatari banks mixed after earnings | ZAWYA MENA Edition:
"Gulf stock markets moved sideways in early trade on Wednesday with shares in top Qatari banks mixed after they reported lower-than-expected fourth-quarter earnings.
The Qatari stock index was almost flat. Qatar National Bank, the Gulf's largest lender, was up 0.7 percent after reporting a 5.2 percent increase in fourth-quarter net profit to 2.85 billion riyals ($783 million); SICO Bahrain had forecast 3.54 billion riyals, while EFG Hermes expected 3.30 billion riyals.
The bank's board recommended a cash dividend of 6 riyals per share for 2017, compared to the proposal for the previous year of 3.5 riyals per share plus a bonus share dividend which awarded one free share for every 10 owned.
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