Middle East Shares Fall Amid Earnings

MidEast stocks slumped amid some weak earnings.

DXB Entertainments reported a first-half net loss of 578 million dirhams ($157 million). The company has not made a profit since it opened its first theme parks and hotels in October 2016. It also said it will reorganize its business into three units: theme parks, family entertainment centers, and retail and hospitality and agreed with local developer Meraas to manage its portfolio of leisure and entertainment offerings including Hub Zero, Splash Pad and Roxy Cinemas.

Industries Qatar said Q2 net profit shrank 47% from a year earlier to 682 million riyals ($187 million), missing analysts' average forecast of 787 million riyals.

Saudi Industrial Investment Group said net income fell 54%.

Arabtec swung to a net profit of 39.8 million dirhams in the three months to June 30 from a loss of 186.4 million dirhams a year ago.

PetroRabigh said Q2 net profit more than tripled from a year earlier.

National Petrochemical said net profit fell by about a third to 132.3 million riyals ($35.3 million) from a year ago, but attributed this to an unplanned shutdown of one of its plants in May and higher financing costs.

Emaar Misr said Q2 net profit rose to 539 million Egyptian pounds ($30.4 million) from 436.8 million pounds a year ago.

Saudi Arabia's main index dipped 0.1% to 7,153 points, Dubai eased 0.1% to 3,643 points, Abu Dhabi fell 0.7% to 4,556 points, Qatar dropped 0.7% to 9,307 points, Egypt slid 0.4% to 13,581 points, Kuwait eased 0.1% to 6,823 points, Bahrain was flat at 1,324 points and Oman declined 0.2% to 4,994 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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