DUBAI, April 25 A disappointing set of quarterly
earnings from two Qatari blue chips may weigh on the its index
on Tuesday, while Dubai's largest listed telecommunications
operator, du, may keep any gains in that market capped as its
net income fell short of expectations.
In Qatar, Islamic lender Masraf Al Rayan reported
a 6.5 percent fall in its first-quarter net profit to 510
million Qatar riyals ($140.1 million), falling short of the
513.3 million riyals and the 518.9 million riyals estimated by
"The net profits of Masraf Al Rayan realized from its core
banking operations in 2017 exceeded those achieved in the first
quarter of 2016," the company chairman said in a statement.
Commodities shipper Qatar Navigation (Milaha) made
a net profit of 236 million Qatar riyals ($64.81 million) in the
three months to March 31, down 33 percent from the prior year
period and below the 369.2 million riyals analysts at QNB
Financial Services had estimated.
In Dubai, shares of Emirates Integrated Telecommunication
, the operator of the du mobile brand, may drag the index
lower after reporting a 24 percent fall in its
first-quarter net income to 364.9 million dirhams from the year
ago period, well below SICO Bahrain's forecast of 447.33 million
dirhams and EFG Hermes' 474.02 million dirhams.
The shares of investment firm Shuaa Capital, which
are often traded by local day traders, may get a boost after it
swung to a first-quarter net profit of 24.8 million dirhams,
versus a net loss of 28.5 million dirhams a year earlier.
Shares of developer DAMAC Properties may fall as
they trade ex-dividend on Tuesday.
The mood in global equity markets has turned lukewarm, which
may offer Dubai and Qatar's bourses some support despite those
weak company results. MSCI's broadest index of Asia-Pacific
shares outside Japan was up 0.6 percent, its
highest level in more than three weeks.
Sentiment towards oil-sensitive shares, however, may remain
cautious, as he international benchmark for crude oil Brent
, which has fallen in six consecutive sessions, was
trading at $51.84 a barrel at 0500 GMT, near a four-week low.
($1 = 3.6413 Qatar riyals)
(Reporting by Celine Aswad; Editing by Amrutha Gayathri)