Wednesday, 05 August 2015 13:08
DUBAI: Most Gulf stock markets edged up early on Wednesday as Brent oil climbed back above $ 50 per barrel and shares in DAMAC soared after the Dubai developer reported a more than tripling in its quarterly profit.
Dubai’s stock index inched up 0.1 percent, with DAMAC accounting for nearly two-thirds of total traded value, rising 9.1 percent to a record high of 3.49 dirhams.
DAMAC said its second-quarter profit jumped 207 percent to 1.42 billion dirhams ($ 386.6 million). It also announced an interim dividend of 10 percent cash and 10 percent bonus shares. The cash payout will be its first since it listed in Dubai in January.
Shares in Du, the United Arab Emirates’ second-biggest telecommunications operator, jumped 2.1 percent after the company reported an 8 percent fall in second-quarter net profit which was in line with analysts’ estimates. It also proposed a special dividend payment.
Abu Dhabi’s bourse edged up 0.2 percent, supported by telecommunications giant Etisalat, which climbed 0.7 percent. Kuwait’s index rose 0.2 percent.
Qatar’s bourse was flat, with Gulf International Services rising 0.4 percent despite a negative earnings report. The firm posted a 9.2 percent fall in second-quarter profit to 249.7 million riyals ($ 68.6 million), missing the estimate of QNB Financial Services, which had forecast 279 million riyals.
