Qatar leads major Gulf markets lower on weak earnings

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 (. QSI) slipped 0.6%, with petrochemical maker Industries Qatar (IQCD.QA) sliding 4% after reporting a sharp decline in quarterly net profit.

Among other losers, Mesaieed Petrochemical (MPHC.QA) lost 2.4%, after reporting a quarterly net profit of 268.6 million riyals ($73.79 million), down from 442.9 million riyals a year ago.

Qatar Aluminum Manufacturing Co (QAMC.QA) retreated 3% after reporting a steep decline in first-quarter profit.

Saudi Arabia's benchmark index (. TASI) lost 0.2%, with Dr Sulaiman Al-Habib Medical Services dropping 1.6%, while Saudi National Bank (1180.SE) retreated 0.7%.

Dubai's main share index (. DFMGI) eased 0.1%, with Emirates Central Cooling Systems (EMPOWER.DU) declining 1.8%, on course to extend losses from the previous session when it reported a drop in first-quarter profit.

In Abu Dhabi, the index (. FTFADGI) 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 organizations 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.

($1 = 3.6400 Qatar riyals)



Reuters