Major stock markets in the Gulf fell in early trade on Monday, with the Qatari bourse leading the losses following a slew of disappointing corporate earnings.
The Qatari index slipped 0.6%, with petrochemical maker Industries Qatar sliding 4% after reporting a sharp decline in quarterly net profit.
Among other losers, Mesaieed Petrochemical lost 2.4%, after reporting a quarterly net profit of 268.6 million riyals ($73.79 million), down from 442.9 million riyals year ago.
Qatar Aluminium Manufacturing Co retreated 3% after reporting a steep decline in first-quarter profit.
Saudi Arabia’s benchmark index lost 0.2%, with Dr Sulaiman Al-Habib Medical Services dropping 1.6%, while Saudi National Bank retreated 0.7%.
Dubai’s main share index eased 0.1%, with Emirates Central Cooling Systems declining 1.8%, on course to extend losses from the previous session when it reported a drop in first-quarter profit.
Abu Dhabi’s ADGM financial centre to expand by ten times
In Abu Dhabi, the index was down in a choppy trade.
Separately, Emirates Nuclear Energy Corporation (ENEC), the body responsible for developing the United Arab Emirates’ nuclear energy sector, has signed three agreements with Chinese nuclear energy organisations as it looks to boost low-carbon nuclear power.
The memorandums of understanding cover cooperation in nuclear energy operations, in high temperature gas-cooled reactors, and in nuclear fuel supply and investment, ENEC said on Sunday.
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