MIDEAST STOCKS-Major Gulf markets mixed; Aramco's Q2 profit declines - Reuters

MIDEAST STOCKS-Major Gulf markets mixed; Aramco's Q2 profit declines - Reuters:

Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed.

Saudi Arabia’s benchmark index rose 0.3%, with Al Rajhi Bank gaining 0.7%, while oil giant Saudi Aramco was up 0.3% despite reporting a fall in second-quarter profit.

Aramco’s net profit fell to 24.6 billion riyals ($6.56 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

Dubai’s main share index lost 0.6%, driven down by a 1.6% fall in Emirates NBD Bank and a 1.1% decrease in blue-chip developer Emaar Properties.