Qatar leads major Gulf markets lower on weak earnings

Major stock markets in the Gulf fell in early trade on Monday, with the Qatari bourse leading the losses following a slew of disappointing corporate earnings, reports Reuters.

The Qatari index slipped 0.6 per cent, with petrochemical maker Industries Qatar sliding 4 per cent after reporting a sharp decline in quarterly net profit.

Among other losers, Mesaieed Petrochemical lost 2.4 per cent, after reporting a quarterly net profit of 268.6 million riyals ($73.79 million), down from 442.9 million riyals year ago.

Qatar Aluminium Manufacturing Co retreated 3 per cent after reporting a steep decline in first-quarter profit.

Saudi Arabia's benchmark index lost 0.2 per cent, with Dr Sulaiman Al-Habib Medical Services dropping 1.6 per cent, while Saudi National Bank retreated 0.7 per cent.

Dubai's main share index eased 0.1 per cent, with Emirates Central Cooling Systems declining 1.8 per cent, on course to extend losses from the previous session when it reported a drop in first-quarter profit.

In Abu Dhabi, the index was down in a choppy trade.

Separately, Emirates Nuclear Energy Corporation (ENEC), the body responsible for developing the United Arab Emirates' nuclear energy sector, has signed three agreements with Chinese nuclear energy organisations as it looks to boost low-carbon nuclear power.