Stocks and Equities: Mideast Markets Are Mixed With Earnings - Bloomberg:
Equity markets in the Middle East were mixed as investors reacted to earnings reports throughout the region.
The benchmark in Qatar led losses as it traded 0.7% lower, with about two-thirds of its members declining. Gauges in in Dubai, Saudi Arabia and Kuwait also traded lower, while those in Abu Dhabi and Oman were higher.
In Dubai, construction company Arabtec Holding PJSC dropped as much as 8.6% after reporting a loss of 774 million dirhams ($211 million) for 2019, versus profit of 256 million dirhams the previous year. The company said that the slowing real estate sector resulted in limited new awards. Union Properties also fell after posting a yearly loss that compares to a profit the previous year.
Earnings disclosed by Dubai real estate companies have been “soft” and provisioning within banks in the emirate are increasing, said Aarthi Chandrasekaran, a portfolio manager at Shuaa Capital. “The GCC banking sector outlook is a bit challenging for the near-term.”
Equity markets in the Middle East were mixed as investors reacted to earnings reports throughout the region.
The benchmark in Qatar led losses as it traded 0.7% lower, with about two-thirds of its members declining. Gauges in in Dubai, Saudi Arabia and Kuwait also traded lower, while those in Abu Dhabi and Oman were higher.
In Dubai, construction company Arabtec Holding PJSC dropped as much as 8.6% after reporting a loss of 774 million dirhams ($211 million) for 2019, versus profit of 256 million dirhams the previous year. The company said that the slowing real estate sector resulted in limited new awards. Union Properties also fell after posting a yearly loss that compares to a profit the previous year.
Earnings disclosed by Dubai real estate companies have been “soft” and provisioning within banks in the emirate are increasing, said Aarthi Chandrasekaran, a portfolio manager at Shuaa Capital. “The GCC banking sector outlook is a bit challenging for the near-term.”
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