How Gulf stock markets are in early Monday; Saudi Arabia’s index fell
Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat.
Saudi Arabia’s index fell 0.1 percent after 20 minutes of trade. Half of the 14 listed petrochemical makers declined, but Nama Chemicals jumped 8.0 percent after soaring its 10 percent daily limit on the two previous days following its announcement of plan to recover from major losses.
In Dubai, Aramex jumped 9.0 percent after reporting a 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively.
The main Dubai index, however, edged down 0.1 percent, weighed down by a 0.4 percent decline in heavyweight Emaar Properties. The builder of the tallest tower in the world has not yet reported fourth-quarter results.
In neighbouring Abu Dhabi, blue chip National Bank of Abu Dhabi climbed 3.4 percent ahead of Tuesday’s board meeting to discuss its quarterly earnings. The index was up 0.3 percent.
Source: Zawya
