[ad_1]
Gulf stock markets fell, while Qatar suffered its biggest loss in more than two years, following the resumption of the US-China trade war, which led investors to safer badets. Investors are also removing their positions before Eid al-Adha, which begins Sunday.
The main index of Saudi Arabia was disappointed by the results of some companies and fell by 1.1%, all banks collapsed. Saudi Fransi Bank lost 3.6% after a 4.4% drop in Q2 earnings due to higher Zakat allocations.
Shares of Walaa Cooperative Insurance fell 6.1% after the company had a loss before zakaah in the second quarter. The Serra Holding group lost 2.7% after the company announced a 35.9% decline in profits over the same period.
The Qatar stock index fell 4.2%, its biggest daily loss since June 5, 2017, reversing its gains for the year after losing to a fifth consecutive session.
The main stocks were the main pressure on the index, with Qatar National Bank down 6% and Qatar Petrochemical Industries 5.8%.
Gulf International Services fell 9.7% after the drilling services company announced a 15% drop in first-half profits.
The Dubai index has lost 2%, under the pressure of real estate and financial values. The Islamic Bank of Dubai fell by 2.1% and that of Emaar by 3.3%. According to Emaar Properties, earnings in the second quarter declined 7.4% to 1.37 billion dirhams ($ 373 million), less than the forecast of 1.55 billion DH of EFG-Hermes.
The price of luxury residential properties in Dubai fell by 1.9% in the first half of the year due to an oversupply, Reuters reported Monday quoting Saviles Real Estate Consultants as saying. . The real estate market in Dubai has been steadily declining since mid-2014 due to lack of appetite from foreign investors.
In Abu Dhabi, the index fell 1.9%. The first shares of Abu Dhabi dropped by 2.2%, while Etisalat lost 2.6%.
[ad_2]
Source link
