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DUBAI, July 20 (Reuters) - Stock markets in Qatar and Saudi Arabia were pulled lower early on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while other Gulf Arab markets moved little.
Commercial Bank of Qatar slumped 6.1 percent after it posted a 63-percent drop in second-quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.
Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Masraf Al Rayan was down 0.8 percent. The main Qatari index dropped 1.3 percent.
In Saudi Arabia, Saudi Electricity Co (SEC) dropped 2.0 percent after it reported a 28-percent fall in second-quarter net profit to 1.4 billion riyals ($381 million). Analysts at NCB Capital had forecast SEC would make a profit of 2.4 billion riyals.
SEC cited the higher cost of fuel and depreciation of assets, without elaborating. The kingdom's 2016 state budget contained hikes in fuel and electricity prices but the company previously said these would not have significant effect on its earnings overall.
The main Saudi index was down 0.1 percent after 70 minutes of trade.
But some Saudi banks fared well after several reported earnings that met expectations. Saudi Hollandi Bank rose 0.8 percent after it reported late on Tuesday a flat net profit; its profit of 540 million riyals beat the average analyst expectation of 508 million riyals.
Elsewhere, Dubai's index rose 0.2 percent with Emaar Properties, which has been strong this week, adding 1.2 percent.
In Abu Dhabi, the index added 0.1 percent, supported mainly by the banking sector. Union National Bank, which reported last week a 17 percent drop in second-quarter net profit but still beat analysts' expectations, added 0.7 percent. Shares in the bank are up 1.4 percent since the earnings.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Raissa Kasolowsky) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Commercial Bank of Qatar slumped 6.1 percent after it posted a 63-percent drop in second-quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.
Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Masraf Al Rayan was down 0.8 percent. The main Qatari index dropped 1.3 percent.
In Saudi Arabia, Saudi Electricity Co (SEC) dropped 2.0 percent after it reported a 28-percent fall in second-quarter net profit to 1.4 billion riyals ($381 million). Analysts at NCB Capital had forecast SEC would make a profit of 2.4 billion riyals.
SEC cited the higher cost of fuel and depreciation of assets, without elaborating. The kingdom's 2016 state budget contained hikes in fuel and electricity prices but the company previously said these would not have significant effect on its earnings overall.
The main Saudi index was down 0.1 percent after 70 minutes of trade.
But some Saudi banks fared well after several reported earnings that met expectations. Saudi Hollandi Bank rose 0.8 percent after it reported late on Tuesday a flat net profit; its profit of 540 million riyals beat the average analyst expectation of 508 million riyals.
Elsewhere, Dubai's index rose 0.2 percent with Emaar Properties, which has been strong this week, adding 1.2 percent.
In Abu Dhabi, the index added 0.1 percent, supported mainly by the banking sector. Union National Bank, which reported last week a 17 percent drop in second-quarter net profit but still beat analysts' expectations, added 0.7 percent. Shares in the bank are up 1.4 percent since the earnings.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Raissa Kasolowsky) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
