MIDEAST STOCKS-Weak earnings hurt Dubai, Qatar; banks aid Saudi index | Nasdaq:
Stock markets in Dubai and Qatar fell on Wednesday, pressured by a string of disappointing corporate earnings, while Saudi Arabia's benchmark index rose marginally, supported by its banking shares.
Dubai's main share index .DFMGI was down 0.3% with blue-chip developer Emaar Properties EMAR.DU falling 1%. Emirates Integrated Telecommunications DU.DU slid 3.2%, its biggest intraday fall since November.
The telco reported a profit of 436 million dirhams ($118.71 million) in fourth-quarter, up from 346 mln dirhams year ago. But it posted a decline in revenue and its mobile subscriber base for the same period.
The Qatari index .QSI eased 0.9%, driven down by a 4% plunge in Industries Qatar IQCD.QA. The petrochemical maker saw its biggest decline in six months as 2019 profits almost halved from a year earlier.
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