MIDEAST STOCKS-Saudi and Dubai trade sideways, Qatar underperforms

DUBAI - 6 Aug 2017: Stock markets in Saudi Arabia and Dubai were flat on Sunday after a mixed group of Saudi corporate earnings, while Qatar underperformed.

The Riyadh index barely moved in the first half-hour of trading. Emaar the Economic City fell 1.1 percent after it reported an 85.4-percent drop in second-quarter net profit to 35 million riyals, citing a decrease in residential sales and higher financial charges.

Al Andalus Property edged down 0.5 percent. It reported second-quarter net profit of 27.6 million riyals, up 11 percent from the same period last year.

Gulf General Cooperative Insurance added 1.3 percent after reporting a slight dip in second-quarter earnings, while Allianz Saudi Fransi Cooperative Insurance rose 0.6 percent after announcing a 24-percent jump in net income.

Qatar's index dropped 0.7 percent, with 13 of the 20 largest companies falling. Telecommunications operator Ooredoo was the biggest loser, falling 3 percent.

In the United Arab Emirates, Dana Gas was down 3.1 percent, helping drag Abu Dhabi's index 0.5 percent lower. Dubai's index barely moved as 15 shares rose and eight declined.