DUBAI, July 10 (Xinhua) -- Most of the Gulf's stock market indexes lost territory Tuesday as fresh concerns over the global economy dragged most lenders down.
The Tadawul All-Share Index extended its weak trend from yesterday and closed 0.65 percent lower at 6,713.18 points. Shares of Saudi Hollandi Bank declined 0.40 percent to hit a two-week low at 26.40 Saudi riyal or 7.20 U.S. dollars.
Earlier in the day, the kingdom's oldest lender said that it achieved in the second quarter a net profit 332.3 million Saudi riyal (86.40 million U.S. dollars) representing an increase year- on-year of 26.2 percent and a plus of 14.5 percent compared to the first quarter of 2012. Net profit for the six months was 622.3 million Saudi riyal (161.80 million U.S. dollars), which translates into a year-on-year increase of 24.1 percent.
In Dubai, the DFM General Index slipped 0.24 percent to close at 1,488.39 points. The emirate's largest lender Emirates NBD fell 0.40 percent to close at 2.65 Dirham (0.72 U.S. dollar).
The stock market in Muscat, Oman, fell to the lowest level since May 2011 as the MSM-30 gauge ended off 0.70 percent at 5,496. 47 points. Bank Sohar fell 0.70 percent to hit 0.145 Omani rial (0. 376 U.S. dollar). On Monday, the lender said it scored a net profit amounting to 10.36 million Omani rial (26.9 million U.S. dollars), representing a year-on-year increase of 49.6 percent.
Elswhere in the region, Kuwait's KSE Market Index, which ended up 0.20 percent at 5,853 points, bucked the regional downtrend which was triggered by concerns over a new recession in the U.S. due announcement by Applied Material and chip producer AMD that their second quarter revenues would be lower than forecasted. Aluminum giant Alcoa kicked off the U.S. earnings season Monday and reported first half profits in line with analysts' expectations, but shares slid as investors were hoping for better results.
The Qatar Exchange gained 0.30 percent to close at 8,271.79 points whereas the country's largest lender by assets Qatar National Bank head lower, finishing off 0.10 percent at 131.90 Qatari riyal (35.61 U.S. dollars).