Gulf stocks mixed; Dubai’s DXB Entertainments drops after Q1

Gulf equities were mixed on Wednesday as first-quarter earnings weighed down Dubai, while Qatar was boosted by heavyweight banking stocks.

Dubai’s main index fell 0.4 percent to close at 3,395 points, with the session’s total value coming in at AED 328.6 million.

Theme parks operator DXB Entertainments slumped 5 percent to AED 0.909, after reporting a net loss of AED 292 million for Q1 2017, compared to a loss of AED 38 million last year. The company said results reflect the early stages of Dubai Parks and Resort’s operational ramp-up.

Construction firm Arabtec fell 5.5 percent to AED 0.767, and Dubai Islamic Bank was down 0.4 percent to AED 5.73.

Emaar Properties offered support as it rose 0.1 percent AED 7.41, in active trading. The stock accounted for nearly half today’s total value.

In Abu Dhabi, the general index slipped 0.1 percent to 4,582 points. Energy firms remained under pressure, with TAQA down 3.5 percent at AED 0.56.

Elsewhere in the region, Qatar gained 1.3 percent to reach 9,992 points. Qatar National Bank was up 1.7 percent at QAR 139.4.

Saudi Arabia’s Tadawul All Share Index was last trading up 0.13 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com