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MIDEAST STOCKS-Positive mood fades as investors book profits in early trade
April 13, 2017 / 8:26 AM / 7 months ago

MIDEAST STOCKS-Positive mood fades as investors book profits in early trade

DUBAI, April 13 (Reuters) - Stock markets in the Gulf erased some of the previous session’s gains in early trade on Monday as some of the optimism generated by generally positive first quarter results faded.

Saudi Arabia’s index was down 0.1 percent, after rising 0.9 percent on Wednesday on the back of banking shares after Saudi British Bank reported an earnings beat.

The positive mood failed to keep markets afloat even after another lender, Banque Saudi Fransi, reported first-quarter results ahead of estimates after Wednesday’s market close.

Fransi’s shares fell 1.9 percent and its peers were also trading lower. National Commercial Bank fell 1.3 percent.

Dubai’s index was down 0.2 percent with a little under half of the traded shares declining.

Shares of second- and third-tier companies, often traded by local day traders, were some of the top losers. Loss-making builder Arabtec was down 1.3 percent and investment bank Shuaa Capital fell 1.2 percent.

Dubai Islamic Bank bucked the trend and was up 0.7 percent. Shares of the largest Islamic bank in Dubai have been positive since it reported modest growth in first quarter net profit earlier this week.

In Abu Dhabi, real estate shares were the main drag on the index, which was down 0.4 percent. Heavyweight Aldar Properties fell 0.9 percent and RAK Properties lost 1.6 percent. (Reporting by Celine Aswad; editing by John Stonestreet)

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