MIDEAST STOCKS-Qatar slips in thin trade; Aamal jumps on strong H1 results

Qatar's stock market edged down in early trade on Thursday as liquidity vanished, with most investors in the region already celebrating the Eid al-Fitr holiday. But Aamal Co jumped after posting strong profit growth.

  
DUBAI, July 16 (Reuters) - Qatar's stock market edged down in early trade on Thursday as liquidity vanished, with most investors in the region already celebrating the Eid al-Fitr holiday. But Aamal Co jumped after posting strong profit growth.

The Doha index slipped 0.3 percent as telecommunications firm Ooredoo fell 2.3 percent and Qatar National Bank lost 0.5 percent.

Aamal, which has assets in property, retail and wholesale trade, manufacturing and services such as cleaning, was up 2.0 percent after it reported a 39 percent increase in net profit for the first half of this year.

The company said in a statement that its industrial manufacturing division, which constitutes almost 60 percent of Aamal's gross sales, saw a 39 percent increase in sales and more than doubled its profit thanks to higher margins.

Property firm United Development , which has reported a 24 percent increase in its six-month profit, edged up 0.3 percent.

Gulf Warehousing Co was up 0.1 percent, having posted a 30 percent profit increase in the first half.

(Reporting by Olzhas Auyezov; Editing by Andrew Torchia and Robin Pomeroy) ((olzhas.auyezov@thomsonreuters.com; +971 56 225 4871; Reuters Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))

Keywords: MARKETS STOCKS/GULF