Downgraded Bahrain banks to find funding expensive | GulfNews.com:
Rating agency Moody’s Investors Service has downgraded four Bahraini banks in line with its recent downgrade of the Government of Bahrain’s issuer rating to B2 from B1 with negative outlook.
In its latest rating action, the rating agency downgraded the long-term local currency deposit ratings of Bank of Bahrain and Kuwait (BBK) to B2 from B1, and National Bank of Bahrain (NBB).
At the same time, Moody’s has downgraded the long-term local currency issuer ratings of Bahrain Islamic Bank (BISB) and Khaleeji Commercial Bank (KHCB) from B1 to B2.
Tuesday, 7 August 2018
EU says encouraging trade with Iran is crucial to nuke deal
EU says encouraging trade with Iran is crucial to nuke deal:
The European Union foreign policy chief Federica Mogherini says the EU is encouraging enterprises to increase their business with Iran, as that country has been compliant with their nuclear-related commitments.
Mogherini told reporters Tuesday during her trip to Wellington, New Zealand, that it’s up to Europeans to decide who they want to trade with.
“We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world. If there is one piece of international agreements on nuclear non-proliferation that is delivering, it has to be maintained,” Mogherini said.
The European Union foreign policy chief Federica Mogherini says the EU is encouraging enterprises to increase their business with Iran, as that country has been compliant with their nuclear-related commitments.
Mogherini told reporters Tuesday during her trip to Wellington, New Zealand, that it’s up to Europeans to decide who they want to trade with.
“We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world. If there is one piece of international agreements on nuclear non-proliferation that is delivering, it has to be maintained,” Mogherini said.
Shuaa profits surge on Saudi expansion
Shuaa profits surge on Saudi expansion:
Shuaa Capital has said that “strong growth’ in its Saudi Arabia and Egypt business has contributed to a 21 percent rise in its second quarter profits, according to a Dubai Stock Exchange filing.
Profits rose to 14.6 million dirhams ($4 million) compared to 12.1 million dirhams recorded in the same time period last year.
“Our Egypt and Saudi businesses in particular have achieved a strong growth trajectory, and more importantly, given our strong liquidity position and recent recoveries, we are now in a position to look at making dividend distributions to our shareholders for the first time in ten years,” said Fawad Tariq-Khan, CEO of Shuaa Capital, said.
Shuaa Capital has said that “strong growth’ in its Saudi Arabia and Egypt business has contributed to a 21 percent rise in its second quarter profits, according to a Dubai Stock Exchange filing.
Profits rose to 14.6 million dirhams ($4 million) compared to 12.1 million dirhams recorded in the same time period last year.
“Our Egypt and Saudi businesses in particular have achieved a strong growth trajectory, and more importantly, given our strong liquidity position and recent recoveries, we are now in a position to look at making dividend distributions to our shareholders for the first time in ten years,” said Fawad Tariq-Khan, CEO of Shuaa Capital, said.
Saudi-Controlled Canadian Grain Trader Says It’s ‘Business as Usual’ - Bloomberg
Saudi-Controlled Canadian Grain Trader Says It’s ‘Business as Usual’ - Bloomberg:
One Canadian grain trader with ties to Saudi Arabia says it will continue with its expansion plans and grain buying despite the diplomatic clash between the two nations.
Winnipeg, Manitoba-based G3 continues to buy and sell grain and prepare for harvest, spokesman Peter Chura said Tuesday.
“It’s business as usual,” he said in an email. “There is no change to any of our ongoing projects.”
One Canadian grain trader with ties to Saudi Arabia says it will continue with its expansion plans and grain buying despite the diplomatic clash between the two nations.
Winnipeg, Manitoba-based G3 continues to buy and sell grain and prepare for harvest, spokesman Peter Chura said Tuesday.
“It’s business as usual,” he said in an email. “There is no change to any of our ongoing projects.”
Regime Change Isn’t the Goal With New Iran Sanctions, Bolton Says - Bloomberg
Regime Change Isn’t the Goal With New Iran Sanctions, Bolton Says - Bloomberg:
U.S. National Security Adviser John Bolton said the goal of reimposing sanctions on Iran isn’t to foment a popular uprising or unseat the government, but rather to exert "maximum pressure" to stop Tehran from serving as the "central bank" of international terrorism.
Following an executive order signed by President Donald Trump, the U.S. imposed new restrictions intended to stop the purchase of dollar banknotes by Iran, prevent the government from trading gold and other precious metals, and block the nation from selling or acquiring various industrial metals.
The measures, which took effect at midnight in Washington, also targeted the auto industry and banned imports of Persian carpets and pistachios to the U.S.
U.S. National Security Adviser John Bolton said the goal of reimposing sanctions on Iran isn’t to foment a popular uprising or unseat the government, but rather to exert "maximum pressure" to stop Tehran from serving as the "central bank" of international terrorism.
Following an executive order signed by President Donald Trump, the U.S. imposed new restrictions intended to stop the purchase of dollar banknotes by Iran, prevent the government from trading gold and other precious metals, and block the nation from selling or acquiring various industrial metals.
The measures, which took effect at midnight in Washington, also targeted the auto industry and banned imports of Persian carpets and pistachios to the U.S.
Snap Revenue Beats on Mobile-Ad Demand; Alwaleed Takes Stake - Bloomberg
Snap Revenue Beats on Mobile-Ad Demand; Alwaleed Takes Stake - Bloomberg:
Snap Inc.’s second-quarter revenue topped analyst projections, signaling a pickup in demand for mobile advertising even as a controversial redesign of the Snapchat mobile app continued to hinder user growth.
Separately, Saudi billionaire Prince Alwaleed Bin Talal said he invested $250 million for a 2.3 percent stake in the social-media company. Snap shares jumped as much as 14 percent following the announcements.
Sales climbed 44 percent from a year earlier to $262.3 million, Snap said Tuesday in a statement. That exceeded the $249.8 million average analyst estimate. Though daily average users declined from the prior period for the first time ever, the Los Angeles-based company noted that monthly users -- a number it has never reported -- are still growing.
Snap Inc.’s second-quarter revenue topped analyst projections, signaling a pickup in demand for mobile advertising even as a controversial redesign of the Snapchat mobile app continued to hinder user growth.
Separately, Saudi billionaire Prince Alwaleed Bin Talal said he invested $250 million for a 2.3 percent stake in the social-media company. Snap shares jumped as much as 14 percent following the announcements.
Sales climbed 44 percent from a year earlier to $262.3 million, Snap said Tuesday in a statement. That exceeded the $249.8 million average analyst estimate. Though daily average users declined from the prior period for the first time ever, the Los Angeles-based company noted that monthly users -- a number it has never reported -- are still growing.
Consolidation stares small Dubai realtors in the face | ZAWYA MENA Edition
Consolidation stares small Dubai realtors in the face | ZAWYA MENA Edition:
The Dubai Land Department's (DLD) recent decision to seize the properties and plots of land registered in the name of Schon Properties and its funds deposited in an escrow account reflects how the regulator is going an extra mile to safeguard the rights of investors and buyers.
"The step is aimed at protecting the rights of investors in light of Schon Properties' actions of exploiting investors by refraining from depositing their money in escrow [guarantee] account," the DLD said.
The escrow law was meant to ensure that developers deliver prescribed percentages of construction before drawing down on these funds.
The Dubai Land Department's (DLD) recent decision to seize the properties and plots of land registered in the name of Schon Properties and its funds deposited in an escrow account reflects how the regulator is going an extra mile to safeguard the rights of investors and buyers.
"The step is aimed at protecting the rights of investors in light of Schon Properties' actions of exploiting investors by refraining from depositing their money in escrow [guarantee] account," the DLD said.
The escrow law was meant to ensure that developers deliver prescribed percentages of construction before drawing down on these funds.
Saudi Aramco, Malaysia's Petronas tap banks for jumbo financing: sources | Reuters
Saudi Aramco, Malaysia's Petronas tap banks for jumbo financing: sources | Reuters:
Saudi Aramco and Malaysia’s Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.
The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.
The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea.
Saudi Aramco and Malaysia’s Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.
The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.
The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea.
Saudi sovereign fund PIF has bought a below 5 percent stake in Tesla: source | Reuters
Saudi sovereign fund PIF has bought a below 5 percent stake in Tesla: source | Reuters:
Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla (TSLA.O) at just below 5 percent, a source familiar with the matter said on Tuesday.
PIF did not immediately respond to a Reuters query for comment, while Tesla declined to comment. The source declined to be identified because the stake purchase is not public.
PIF, one the world’s biggest sovereign wealth funds with $250 billion in assets, also has a stake in Uber [UBER.UL] as it has identified technology as a key area for investment.
Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla (TSLA.O) at just below 5 percent, a source familiar with the matter said on Tuesday.
PIF did not immediately respond to a Reuters query for comment, while Tesla declined to comment. The source declined to be identified because the stake purchase is not public.
PIF, one the world’s biggest sovereign wealth funds with $250 billion in assets, also has a stake in Uber [UBER.UL] as it has identified technology as a key area for investment.
Oil rises as U.S. sanctions on Iran stir supply worries | Reuters
Oil rises as U.S. sanctions on Iran stir supply worries | Reuters:
Oil prices rose on Tuesday after U.S. sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages.
Renewed U.S. sanctions against OPEC member Iran officially went into effect at 12:01 a.m. EDT. The sanctions did not include Iran’s oil exports. The country exported almost 3 million barrels per day (bpd) of crude in July.
The sanctions target Iran’s U.S. dollar purchases, metals trading, coal, industrial software and its auto sector.
Oil prices rose on Tuesday after U.S. sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages.
Renewed U.S. sanctions against OPEC member Iran officially went into effect at 12:01 a.m. EDT. The sanctions did not include Iran’s oil exports. The country exported almost 3 million barrels per day (bpd) of crude in July.
The sanctions target Iran’s U.S. dollar purchases, metals trading, coal, industrial software and its auto sector.
MIDEAST STOCKS-Abu Dhabi hits multi-year high, Saudi shrugs off diplomatic row | Reuters
MIDEAST STOCKS-Abu Dhabi hits multi-year high, Saudi shrugs off diplomatic row | Reuters:
Gulf stocks mostly rose on Tuesday, with the Abu Dhabi exchange hitting its highest level since 2014 and Saudi Arabia’s exchange shrugging off a diplomatic row with Canada.
The Abu Dhabi index reversed a small correction earlier in the day to close 0.6 percent higher at 4,911 points, its highest in four years.
Blue chip First Abu Dhabi Bank gained 1.8 percent, followed by Union National Bank, up 1.7 percent. Firmer oil prices boosted Dana Gas, which rose 0.9 percent.
Gulf stocks mostly rose on Tuesday, with the Abu Dhabi exchange hitting its highest level since 2014 and Saudi Arabia’s exchange shrugging off a diplomatic row with Canada.
The Abu Dhabi index reversed a small correction earlier in the day to close 0.6 percent higher at 4,911 points, its highest in four years.
Blue chip First Abu Dhabi Bank gained 1.8 percent, followed by Union National Bank, up 1.7 percent. Firmer oil prices boosted Dana Gas, which rose 0.9 percent.
Dubai Builder Sees Property Slump Lasting for Years - Bloomberg
Dubai Builder Sees Property Slump Lasting for Years - Bloomberg:
A United Arab Emirates developer who says he’s waiting for a market rebound before starting a $4 billion project expects the country’s property slump to run for another three years, despite the government’s moves to bolster the economy.
While a raft of state measures is taking the economy in the right direction, they’re not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely-held Tiger Group, said in an interview.
“The government is aware of the challenges and the rulers are prioritizing economic development,” said Zaabi, whose company owns thousands of apartments in the country. “This is positive. But rents are down 30 percent since 2016 and it will take two or three years before prices start increasing.”
A United Arab Emirates developer who says he’s waiting for a market rebound before starting a $4 billion project expects the country’s property slump to run for another three years, despite the government’s moves to bolster the economy.
While a raft of state measures is taking the economy in the right direction, they’re not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely-held Tiger Group, said in an interview.
“The government is aware of the challenges and the rulers are prioritizing economic development,” said Zaabi, whose company owns thousands of apartments in the country. “This is positive. But rents are down 30 percent since 2016 and it will take two or three years before prices start increasing.”
Daimler Scraps Iran Expansion Plan Because of U.S. Sanctions - Bloomberg
Daimler Scraps Iran Expansion Plan Because of U.S. Sanctions - Bloomberg:
Daimler AG dropped plans to expand its business in Iran after the U.S. renewed a host of sanctions and President Donald Trump threatened to penalize companies doing business in the country.
The German carmaker has suspended its “limited” activities in Iran until further notice because of the trade curbs coming into effect Tuesday, the Mercedes-Benz maker and biggest commercial vehicles manufacturer said in an emailed statement. In 2016, Daimler moved fast to re-establish ties with Iran, signing preliminary agreements with Iran Khodro Co., the nation’s biggest auto producer, to sell and produce trucks.
Since debilitating sanctions were eased in 2016, Iran emerged as a hot spot for growth, and trade with Europe surged to more than $10 billion. Now that the U.S. has canceled a 2015 nuclear accord with the Islamic republic and re-imposed sanctions, companies are rushing back out. Last month France’s Renault SA joined PSA Group, which makes Peugeot and Citroen cars, in pulling away.
Daimler AG dropped plans to expand its business in Iran after the U.S. renewed a host of sanctions and President Donald Trump threatened to penalize companies doing business in the country.
The German carmaker has suspended its “limited” activities in Iran until further notice because of the trade curbs coming into effect Tuesday, the Mercedes-Benz maker and biggest commercial vehicles manufacturer said in an emailed statement. In 2016, Daimler moved fast to re-establish ties with Iran, signing preliminary agreements with Iran Khodro Co., the nation’s biggest auto producer, to sell and produce trucks.
Since debilitating sanctions were eased in 2016, Iran emerged as a hot spot for growth, and trade with Europe surged to more than $10 billion. Now that the U.S. has canceled a 2015 nuclear accord with the Islamic republic and re-imposed sanctions, companies are rushing back out. Last month France’s Renault SA joined PSA Group, which makes Peugeot and Citroen cars, in pulling away.
Oil Pinned Near $69 as Supply Risks Weighed Against Trade Battle - Bloomberg
Oil Pinned Near $69 as Supply Risks Weighed Against Trade Battle - Bloomberg:
Oil’s trading in a tight range as investors weigh falling U.S. inventories and potential supply curbs in the Middle East against escalating trade tensions between the world’s two largest economies.
Futures in New York were little changed after a 0.8 percent gain Monday. They have traded within a $3 range so far in August, the tightest spread since 2003 based on monthly data. While expectations for falling U.S. stockpiles during the summer driving season and fears over lower Iranian exports have supported gains, concerns that a trade war between China and America will hurt consumption have kept a lid on prices.
Crude has declined about 7 percent from the highs of June as the trade dispute threatens to imperil economic growth that underpins energy consumption. While Saudi Arabia was said to have cut production last month despite a pledge in June by the Organization of Petroleum Exporting Countries and allies to add more barrels, Russia said it has the capacity to lift output to a post-Soviet record. Meanwhile, the U.S. is seeking to restrict Iranian oil sales via sanctions.
Oil’s trading in a tight range as investors weigh falling U.S. inventories and potential supply curbs in the Middle East against escalating trade tensions between the world’s two largest economies.
Futures in New York were little changed after a 0.8 percent gain Monday. They have traded within a $3 range so far in August, the tightest spread since 2003 based on monthly data. While expectations for falling U.S. stockpiles during the summer driving season and fears over lower Iranian exports have supported gains, concerns that a trade war between China and America will hurt consumption have kept a lid on prices.
Crude has declined about 7 percent from the highs of June as the trade dispute threatens to imperil economic growth that underpins energy consumption. While Saudi Arabia was said to have cut production last month despite a pledge in June by the Organization of Petroleum Exporting Countries and allies to add more barrels, Russia said it has the capacity to lift output to a post-Soviet record. Meanwhile, the U.S. is seeking to restrict Iranian oil sales via sanctions.
Abraaj Group’s North Africa fund mulls splitting from parent company | ZAWYA MENA Edition
Abraaj Group’s North Africa fund mulls splitting from parent company | ZAWYA MENA Edition:
Abraaj Group’s deal makers are looking at splitting off the firm’s $375 million North Africa fund, potentially complicating efforts to sell its entire asset-management business, reported, The Wall Street Journal.
The North Africa fund’s team is asking liquidators of Abraaj, to consider ‘an amicable separation’ of the unit from the rest of the firm.
In their proposal, the North Africa deal makers said that the fund’s list of investors would remain in place and an advisory firm would be appointed to supervise the new setup as a ‘guardian’ and Ahmed Badreldin would continue to lead the North Africa investing team.
Abraaj Group’s deal makers are looking at splitting off the firm’s $375 million North Africa fund, potentially complicating efforts to sell its entire asset-management business, reported, The Wall Street Journal.
The North Africa fund’s team is asking liquidators of Abraaj, to consider ‘an amicable separation’ of the unit from the rest of the firm.
In their proposal, the North Africa deal makers said that the fund’s list of investors would remain in place and an advisory firm would be appointed to supervise the new setup as a ‘guardian’ and Ahmed Badreldin would continue to lead the North Africa investing team.
European companies can be protected from U.S. sanctions on Iran: UK minister | Reuters
European companies can be protected from U.S. sanctions on Iran: UK minister | Reuters:
European companies can be protected from new U.S. sanctions on Iran, a junior British foreign minister said on Tuesday, after President Donald Trump withdrew from an international agreement designed to deny Tehran the ability to build nuclear weapons.
As Washington’s so-called snapback sanctions are reinstated on Tuesday, a new EU law to shield European companies will also take effect to try to mitigate what EU officials say is their unlawful reach beyond U.S. borders.
“If a company fears legal action taken against it and enforcement action taken against it by an entity in response to American sanctions then that company can be protected as far as EU legislation is concerned,” Alistair Burt, the British minister of state for the Middle East, told BBC radio.
European companies can be protected from new U.S. sanctions on Iran, a junior British foreign minister said on Tuesday, after President Donald Trump withdrew from an international agreement designed to deny Tehran the ability to build nuclear weapons.
As Washington’s so-called snapback sanctions are reinstated on Tuesday, a new EU law to shield European companies will also take effect to try to mitigate what EU officials say is their unlawful reach beyond U.S. borders.
“If a company fears legal action taken against it and enforcement action taken against it by an entity in response to American sanctions then that company can be protected as far as EU legislation is concerned,” Alistair Burt, the British minister of state for the Middle East, told BBC radio.
Russia's Rosneft more than triples second quarter net profit, shares hit record | Reuters
Russia's Rosneft more than triples second quarter net profit, shares hit record | Reuters:
Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion rubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.
Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a one-off gain from a share acquisition in an upstream joint venture and the revaluation of a stake in another joint venture.
Rosneft, headed by Igor Sechin, a close ally of Russian President Vladimir Putin, said its revenue in the second quarter was 2.07 trillion rubles, up 48 percent year-on-year.
Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion rubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.
Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a one-off gain from a share acquisition in an upstream joint venture and the revaluation of a stake in another joint venture.
Rosneft, headed by Igor Sechin, a close ally of Russian President Vladimir Putin, said its revenue in the second quarter was 2.07 trillion rubles, up 48 percent year-on-year.
Iran money changers reopen after 5-month absence amid crisis
Iran money changers reopen after 5-month absence amid crisis:
Money exchange shops across Iran have cautiously reopened after being shut for five months amid economic turmoil fanned by America’s withdraw from the nuclear deal.
Shops opened their doors on Tuesday in Tehran, though some displayed no exchange rates late into the morning.
Two traders told The Associated Press initial rates likely would be around 93,000 rials to the dollar, down from 98,000 to $1 on the black market the night before. The two spoke on condition of anonymity as they were not authorized to talk to reporters.
Money exchange shops across Iran have cautiously reopened after being shut for five months amid economic turmoil fanned by America’s withdraw from the nuclear deal.
Shops opened their doors on Tuesday in Tehran, though some displayed no exchange rates late into the morning.
Two traders told The Associated Press initial rates likely would be around 93,000 rials to the dollar, down from 98,000 to $1 on the black market the night before. The two spoke on condition of anonymity as they were not authorized to talk to reporters.
Aldar Properties Q2 profit drops 28 percent, misses estimates | Reuters
Aldar Properties Q2 profit drops 28 percent, misses estimates | Reuters:
Aldar Properties, Abu Dhabi’s largest property developer, on Tuesday missed estimates with a 28 percent fall in second-quarter profit which it blamed on a revaluation of properties related to its retail portfolio.
“We are seeing some headwinds; in the retail portfolio, we renewed leases and updated book values,” Chief Financial Officer Greg Fewer said on a media call.
The builder of Abu Dhabi’s Formula One circuit reported a net profit attributable to owners of 446.5 million dirhams ($121.6 million) in the three months to June 30.
Aldar Properties, Abu Dhabi’s largest property developer, on Tuesday missed estimates with a 28 percent fall in second-quarter profit which it blamed on a revaluation of properties related to its retail portfolio.
“We are seeing some headwinds; in the retail portfolio, we renewed leases and updated book values,” Chief Financial Officer Greg Fewer said on a media call.
The builder of Abu Dhabi’s Formula One circuit reported a net profit attributable to owners of 446.5 million dirhams ($121.6 million) in the three months to June 30.
Oil rises as renewed U.S. sanctions on Iran seen tightening supply | Reuters
Oil rises as renewed U.S. sanctions on Iran seen tightening supply | Reuters:
Oil prices rose on Tuesday with re-introduced U.S. sanctions against major crude exporter Iran expected to tighten global supply. Spot Brent crude oil futures were $74.17 per barrel at 0710 GMT, up 42 cents, or 0.6 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.4 percent, at $69.31 barrel.
U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday.
Oil prices rose on Tuesday with re-introduced U.S. sanctions against major crude exporter Iran expected to tighten global supply. Spot Brent crude oil futures were $74.17 per barrel at 0710 GMT, up 42 cents, or 0.6 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.4 percent, at $69.31 barrel.
U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday.
MIDEAST STOCKS-Gulf stocks open weak, Abu Dhabi eases after hitting 3-year high | Reuters
MIDEAST STOCKS-Gulf stocks open weak, Abu Dhabi eases after hitting 3-year high | Reuters:
The Abu Dhabi market eased from a three-year high on Tuesday on profit-taking and weakness in Aldar Properties as its quarterly earnings slumped, while Qatari stocks were lacklustre as banks lost ground.
Abu Dhabi’s index was down 0.2 percent, after hitting its highest level since late July 2015 on Monday.
Aldar Properties fell 1 percent after reporting a 28 percent fall in second-quarter profit, missing estimates. First Abu Dhabi Bank eased 0.4 percent after rising sharply a day earlier.
The Abu Dhabi market eased from a three-year high on Tuesday on profit-taking and weakness in Aldar Properties as its quarterly earnings slumped, while Qatari stocks were lacklustre as banks lost ground.
Abu Dhabi’s index was down 0.2 percent, after hitting its highest level since late July 2015 on Monday.
Aldar Properties fell 1 percent after reporting a 28 percent fall in second-quarter profit, missing estimates. First Abu Dhabi Bank eased 0.4 percent after rising sharply a day earlier.
Subscribe to:
Posts (Atom)