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Sabic and Emaar fail to push markets up
- Middle East: Monday, July 21 - 2008 at 09:09
The profits announced by Sabic and Emaar, the two largest companies in terms of market value, have failed to push up the index of the two biggest financial markets in the region and stop the declining trend. Sabic posted its highest ever Q2 profits at SR7.5bn compared to SR6.4bn last year, while H1 profits jumped to SR14.5bn, rising 13%. Despite this Sabic shares rose by only 1.4% and the Tadawul rose by only 0.09% yesterday. Emaar shares also failed to push the UAE market up, even after the company announced a 7% rise in profits to Dhs3.3bn, as analysts were expecting H1 profits to fall. Instead the shares fell by 0.50% to Dhs10 arousing new fears in the market.
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StaffMonday, July 21 - 2008 at 09:09 UAE local time (GMT+4)
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