MIDEAST STOCKS-Major Gulf stocks subdued as banks weigh on Dubai - Reuters:
Major stock markets in the Gulf were
subdued on Thursday, with Dubai hurt by losses in its banking
shares.
Saudi Arabia's benchmark index was flat, with Saudi
Telecom Company retreating 2.1% after it reported a
decrease in second-quarter profit.
The kingdom's finance minister said on Wednesday that July
data is promising for an economic recovery, though many
uncertainties remain, and economic contraction will likely be
less than the 6.8% predicted by the International Monetary Fund.
Dubai's main share index retreated 0.6%, weighed
down by a 1.2% fall in Emirates NBD Bank and a 1.5%
decrease in blue-chip developer Emaar Properties.
Elsewhere, Dubai Islamic Bank was down 0.5%.
On Wednesday, the United Arab Emirates' largest
sharia-compliant lender reported a net profit of 1.01 billion
dirhams ($274.99 million) in the second quarter, down from 1.38
billion dirhams a year ago.
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