DUBAI, Aug 14 (Reuters) - Shares of the first family business to list in Qatar fell in early trade on Monday, while weak earnings at several companies in Dubai weighed on the stock index there.
In its first hour of trade, Qatari conglomerate Investment Holding Group declined 8.8 percent to 9.12 riyals from its initial public offer (IPO) price. Trading volume was about 1.7 million shares.
IHG had offered 49.8 million shares, or 60 percent of its share capital, at 10.0 riyals per share, plus a 0.1 riyal fee in its IPO during January, making the value of the listing about $138 million.
It is the third flotation in Qatar since 2010. The Qatar stock index was flat on Monday morning.
Dubai's index was down 0.6 percent as DAMAC Properties dropped 3.6 percent after reporting a second-quarter net profit of 701.3 million dirhams ($190.9 million), down 20.9 percent from a year ago.
Builder Drake & Scull fell 2.1 percent after it made a second-quarter net attributable loss of 182.7 million dirhams ($49.8 million), widely missing Arqaam Capital's estimate of a loss of 48 million and only slightly narrower than the year-ago loss of 207.6 million dirhams.
The company also said it had terminated the services of its chief executive, Wael Allan. It did not name a new CEO.
GFH Financial , the most active stock, dropped 4.5 percent despite reporting a second-quarter profit of $30.2 million, a leap from $5.5 million a year ago.
In Abu Dhabi, Waha Capital fell 1.7 percent after the investment firm reported its second-quarter net attributable profit fell 26.5 percent to 95.6 million dirhams.
Dana Gas lost 3.2 percent ahead of its quarterly results, expected to be announced on Tuesday. The Abu Dhabi index was down 0.3 percent.
The Saudi index was down 0.2 percent after 45 minutes of trade as 89 shares declined while 54 rose, including telecommunications firm Etihad Etisalat (Mobily), up 0.2 percent after saying it had signed an agreement with Nokia , Huawei and Ericsson to modernise its network.
Mobily expects the agreements to cost about 2.4 billion riyals ($640 million) over the next three years and said funding would come from the company's cash flow and available facilities.
(Reporting by Celine Aswad; Editing by Andrew Torchia and David Holmes) ((firstname.lastname@example.org)(+9715 62247653)(Reuters Messaging: email@example.com))