PHOTO
RIYADH, Oct 24 (Reuters) - Gulf stock markets may consolidate with little upside on Monday as global markets are sluggish and after several major corporate earnings announcements came in below estimates.
Asian bourses are moving sideways on Monday morning while oil prices are slightly lower after Iraq said it wanted to be exempt from any OPEC deal to cut production.
ID:nL4N1CU02R
Among corporate earnings, Dubai's Mashreq bank
MASB.DU
posted a 24.8 percent fall in third-quarter net profit as it put aside more cash to cover bad loans - a fresh sign of pressure on the region's banks due to low oil prices and slowing economic growth. However, Mashreq's shares are usually sparsely traded.
ID:nD5N1CO02T
Abu Dhabi Commercial Bank
ADCB.AD
missed analysts' forecasts by posting a 17 percent fall in third-quarter profit to 999.1 million dirhams ($272 million); three analysts polled by Reuters had on average forecast 1.10 billion dirhams.
ID:nL8N1CT0AG
And in Qatar, petrochemicals, metals and fertiliser producer Industries Qatar
IQCD.QA
posted a 28.9 percent drop in third-quarter net profit to 759.7 million riyals ($208.7 million). Analysts had forecast 996.6 million riyals.
ID:nL8N1CT0KK
In Dubai, however, Deyaar Development
DEYR.DU
may attract buying after the real estate firm reported a 22.5 percent jump in third-quarter profit; revenue for the period soared five times.
ID:nD5N1CO02Y
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
Asian bourses are moving sideways on Monday morning while oil prices are slightly lower after Iraq said it wanted to be exempt from any OPEC deal to cut production.
Among corporate earnings, Dubai's Mashreq bank
Abu Dhabi Commercial Bank
And in Qatar, petrochemicals, metals and fertiliser producer Industries Qatar
In Dubai, however, Deyaar Development
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))