Most stock markets in the Gulf closed down on Tuesday after tracking oil prices and global stocks, with the Saudi index continuing its decline for the ninth consecutive session. Oil prices fell by more than 1.5% today after data showed a larger-than-expected drop in China's imports and exports in July, indicating a slowdown in growth in the world's largest oil importer. The Saudi index decreased by 0.3%, impacted by a 1.8% drop in the stock of Dr. Suleiman Al Habib Medical Services Group and a 2.2% decline in the shares of National Commercial Bank. However, shares of Saudi Aramco, the oil giant, rose by 1.2%.
Aramco announced on Monday a net income of 112.81 billion riyals ($30.07 billion) for the quarter ending June 30, surpassing the average estimates provided by the company based on the opinions of 15 analysts at $29.8 billion. The company also declared basic dividends exceeding $19.5 billion in the second quarter, roughly in line with the first quarter. Aramco stated that it would also pay performance-linked dividends over six quarters, starting with $9.87 billion in the third quarter.
The Qatari index fell by 1.1% after Qatar Industries' stock dropped by 3.5% before the company announced its petrochemical earnings. The Dubai index closed unchanged. The MSCI World Index dropped by 0.36% as investors assessed the latest weak economic data from China. However, the Abu Dhabi index rose by 1.7% following a 3% jump in the stock of International Holding Company.
Outside the Gulf region, the leading Egyptian stock index declined by 0.5% with a drop of 2.8% in the shares of Eastern Company.
