Most Gulf stock markets edged up early on Sunday in line with a strong trend for global equities, though Qatar pulled back after last week's strong rebound and weak corporate earnings hurt Oman.
The Saudi index climbed 0.5 per cent in the first half-hour in a broad rally, with advancing stocks outnumbering decliners by 124 to 20. Banque Saudi Fransi added 2.6 per cent.
Dubai's index gained 0.3 per cent as Union Properties, the most heavily traded stock, rose 0.4 per cent.
Abu Dhabi edged up 0.2 per cent as Dana Gas climbed 1.5 per cent; in a statement, the company described recent decisions by London's High Court, which had been previously reported by Reuters, as favourable for its effort to restructure US$700 million of outstanding sukuk.
Ajman Bank gained 2.6 per cent despite reporting a moderate fall in second-quarter net profit; operating income actually rose slightly.
Qatar's index fell back 1.1 per cent with Qatar National Bank, the biggest lender, losing 1.4 per cent. Last week, the index rebounded strongly as it became clear that the economic impact of sanctions imposed by neighbouring Arab states on Qatar was not as damaging as some had feared.
Oman dropped 0.5 per cent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy.
Raysut Cement slipped 0.8 per cent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping.
Oman Telecommunications sank 3.3 per cent after reporting a 39 per cent fall in first-half profit, with revenue stagnant.
Bank Dhofar lost 3.2 per cent after first-half consolidated net profit shrank 13 per cent, and National Gas plunged its daily 10 per cent limit in very thin trade after it said first-half profit more than halved.
*Reuters
UAE currency: the story behind the money in your pockets
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Company%20profile
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The%20Specs
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY%20PROFILE%20
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John%20Wick%3A%20Chapter%204
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan