MidEast Shares Mostly Lower

Middle East shares mostly fell after mixed Q1 results. Commercial Bank of Qatar said Q1 net profit dropped 66.7% to 91.2 million riyals ($25.1 million) from the year-ago level. Reuters had an average analyst estimate for net profit attributable to equity holders, a slightly different profit measure, of 209.4 million riyals.

Alawwal Bank said Q1 profit was 324.0 million riyals ($86.4 million), down from 511.5 million riyals a year earlier. NCB Capital had projected 376 million riyals and EFG Hermes, 443 million riyals.

National Commercial Bank said Q1 net profit gained 2.7% to 2.70 billion riyals and topping SICO Bahrain’s forecast for 2.39 billion riyals.National Metal Manufacturing and Casting Co said it had signed a memorandum of understanding with Saudi National Automobiles Manufacturing to make automobile parts but did not provide details.

By Sherwood Contributor