Gulf stocks mixed as Q1 earnings weigh

Stocks markets in the Gulf were mixed in Tuesday as more companies declared Q1 results, which remained short of market expectations.

Dubai’s main index climbed 0.1 percent to close at 3,434 points, after a volatile trading session. Heavyweight Emaar Properties gained 0.1 percent to reach AED 7.24. Mashreq Bank, meanwhile, soared 15 percent to AED 82.8.

The Emirates Integrated Telecommunications Co. (du) sank nearly 3 percent to reach AED 5.6, after reporting a net profit of AED 365 million in Q1 2017. Investment firm SICO had estimated the telecom’s net profit for the period at AED 447 million.

Developer Damac Properties slumped 8 percent to AED 2.53.

In Abu Dhabi, the general index rose 0.8 percent to 4,565 points. National Bank of Abu Dhabi gained 1.4 percent to AED 11.2. The bank’s shareholders have approved changing its name to First Abu Dhabi Bank, following its recent merger.

Energy firm TAQA was down 3.2 percent at AED 0.6.

Elsewhere, Qatar’s QE index closed slightly higher at 10,157 points. Masraf Al Rayan Bank reversed early losses, rising 0.4 percent to QAR 42. The lender posted a net profit of QAR 510 million in the first quarter of 2017.

Meanwhile, Saudi Arabia’s Tadawul All Share Index was last trading down 0.6 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com