Most major Gulf stocks lower on Tuesday, weighed down by weak corporate earnings announcements, though property shares helped Dubai buck the trend.
Saudi Arabia’s benchmark index .TASI edged down 0.1%, hurt by a 6.9% plunge in telecoms firm Etihad Etisalat 7020.SE and a 0.5% decrease in oil giant Saudi Aramco 2222.SE.
The telco posted an annual profit of 31 million riyals ($8.27 million), from a loss of 123 million riyals a year earlier. However, the profit was lower than analysts’ average estimate of 194 million riyals, according to Refinitiv data.
Dubai’s main share index .DFMGI added 0.4%, extending gains for a fourth day in a row. Emaar Properties EMAR.DU climbed 2.3% and DAMAC Properties DAMAC.DU was up 0.4%.
In Qatar, the index .QSI dipped 0.3% with Doha Bank DOBK.QA plunging 10%, its biggest intraday fall since March 2018. The lender reported profits of 754 million riyals ($207.14 million) in 2019, down from 830 million riyals a year earlier.
Qatar’s losses were capped by gains at energy shipping and transport firm Naqilat QGTS.QA, which advanced 2.8% after the firm recorded a 12.4% rise in 2019 profit.
The Abu Dhabi index .ADI slipped 0.3%, driven down by its banking shares. First Abu Dhabi Bank FAB.AD and Abu Dhabi Commercial Bank ADCB.AD lost 0.3% and 0.7% respectively.
