Stock news: Most Gulf markets edge up

Stock markets in the Gulf edged up in early trade on Tuesday, supported by positive earnings and expectations, but Galfar Engineering dragged down Oman’s bourse after its profit slumped.

Dubai’s index inched up 0.1 per cent as heavyweight bank Emirates NBD jumped 3.5 per cent, extending gains following the publication of strong second-quarter figures last week.

But some property stocks pulled back after jumping in the previous session. Emaar Properties edged down 0.3 per cent and Union Properties fell 0.8 per cent. The two stocks had jumped 2.3 and 5 per cent respectively on Monday.

Abu Dhabi’s bourse climbed 0.5 per cent as National Bank of Abu Dhabi rose 1.9 per cent and First Gulf Bank added 0.7 per cent. Trading in the shares of another large local bank, Abu Dhabi Commercial Bank, is suspended as its board reviews quarterly results on Tuesday.

Kuwait’s market edged up 0.2 per cent. Burgan Bank added 1.2 per cent after its quarterly profit rose 23 per cent to KD 19.9m ($65.7m). Analysts polled by Reuters had estimated on average a net profit of KD 17.6m.

Burgan’s parent firm, Kuwait Projects Company, climbed 1.5 per cent.

Oman’s index slipped 0.1 per cent and Galfar Engineering and Construction tumbled 6.8 per cent. Last week, the firm said its consolidated profit had fallen to almost zero in the first half of this year.