Gulf markets dip in muted trade; Qatar Islamic down

Most Gulf Arab markets edge lower, extending declines as a summer trading lull spurs investors to cut risk. In Qatar, banks weigh as the benchmark eases 0.1 percent to 8,232 points.

Qatar Islamic Bank slips 0.3 percent. The lender posted an 8.7 percent drop in second-quarter net profit, missing estimates. Islamic bank Masraf Al Rayan sheds 0.4 percent and Qatar National Bank eases 0.08 percent.

In the UAE, Abu Dhabi’s index declines 0.1 percent to 2,462 points, but Dubai’s index bucks the downbeat trend, rising 0.1 percent to 1,482 points. Mortgage lender Tamweel falls 1.6 percent to a nine-day low, down for a second session since it posted a 33 percent cut in its second-quarter profit.

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Courier Aramex and Emaar Properties climb 1.7 and 0.3 percent respectively. Kuwait’s bourse drops 0.2 percent to 5,854 points. Trading is focused in small-caps. Al Aman Investment slips 1.7 percent and Gulf Investment House sheds 1.9 percent, with this pair among the most traded stocks.

Market turnover typically slumps over the summer months as traders and investors go abroad to escape the searing heat.

source: Reuters