Stock markets in the United Arab Emirates may see lower-than-usual liquidity on Monday as all other major bourses in the Middle East remain closed for Eid al-Fitr holidays. Mixed earnings from UAE companies may also limit any gains.
Mashreq, Dubai’s third-biggest lender by assets, last Wednesday posted an 11 percent rise in second-quarter net profit, according to Reuters calculations.
Mazaya Holding, a Kuwaiti company whose shares also trade in Dubai, reported a 46 percent jump in quarterly profit. But Abu Dhabi-listed RAK Properties posted a 56 percent decline in net profit for the first six months of this year.
The price of Brent oil, to which Gulf investors often turn for cues, has slipped 0.3 percent in Asian trade on Monday. Brent fell nearly 3 percent last week as Iran clinched a deal with world powers that may see sanctions against it lifted.
On global markets, Asian stocks have edged down, though Chinese bourses appear to have stabilised after another slump last week.
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