Sunday, 02 August 2015 14:44
DUBAI: Stock markets in the Gulf were narrowly mixed in early trade on Sunday as Dubai outperformed, supported by positive earnings and expectations.
The emirate’s index rose 0.5 percent, supported by Dubai Islamic Bank, up 1.3 percent, and property developer DAMAC, which jumped 2.6 percent.
Dubai Islamic Bank beat analysts’ forecasts with a 35 percent rise in second-quarter net profit last week and DAMAC said on Sunday its board would discuss second-quarter results and a dividend payout on Tuesday.
DAMAC’s board will also discuss the adoption of the IFRS 15 accounting standard, which allows developers to recognise off-plan sales earlier than under current practice and could provide a one-off boost to revenues.
Elsewhere in the Gulf, Abu Dhabi’s bourse was flat with mixed moves by blue chips, while Qatar edged down 0.7 percent. Industries Qatar, whose earnings are sensitive to oil prices, was the main drag and fell 1.6 percent after crude dropped on Friday.
Kuwait’s index edged down 0.3 percent and Oman inched up 0.1 percent.
