Qatar market dragged down by No. 2 bank

Traders monitor screens displaying stock information at Qatar Stock Exchange in Doha. (Reuters)
Updated 17 January 2018
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Qatar market dragged down by No. 2 bank

DUBAI: Gulf stock markets were mixed on Wednesday with Masraf Al Rayan, Qatar’s second-largest bank by market value, pulling the Qatari stock index 0.2 percent lower.
Shares in Masraf Al Rayan sank 2.7 percent after the bank reported a 9.6 percent drop in fourth-quarter net profit to 466 million riyals, below an average 562.5 million riyal forecast by three analysts polled by Reuters.
Qatar National Bank also missed forecasts with a 5.2 percent rise in fourth-quarter net profit to 2.85 billion riyals ($783 million). But the Gulf’s largest lender raised its cash dividend for 2017 to 6 riyals per share and its stock was up 0.7 percent.
Among the gainers, Medicare Group surged 7.0 percent in its heaviest trade since March; it has doubled from its November low.
Saudi Arabia’s index closed 0.1 percent higher at 7,540 points, coming off the day’s high after approaching major technical resistance on last July’s peak of 7,586 points.
Top petrochemical producer Saudi Basic Industries gained 0.8 percent, while Saudi Automotive Services rose 1.0 percent after estimating its annual net profit expanded 15 percent, on an 11 percent gain in sales.
In Dubai, the index rose 0.5 percent as the most heavily traded stock, Union Properties, gained 0.9 percent. Emaar Malls was the top performer, adding 2.2 percent, although trading volume fell from Tuesday’s level, which was the highest since early 2016.


US to formally seek extradition of Huawei executive Meng Wanzhou

Updated 5 min 30 sec ago
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US to formally seek extradition of Huawei executive Meng Wanzhou

  • Canada’s ambassador to the US did not say when the formal extradition request will be made but the deadline for filing it is Jan. 30
  • Huawei said it has no comment on the ongoing legal proceedings

The United States has informed the Canadian government that it plans to proceed with a formal request to extradite Huawei Chief Financial Officer Meng Wanzhou on allegations violation of US sanctions against Iran, the Globe and Mail reported on Monday.
However, Canada’s ambassador to the United States David MacNaughton, in an interview, did not say when the formal extradition request will be made but the deadline for filing it is Jan. 30, according to the Globe and Mail.
Huawei said it has no comment on the ongoing legal proceedings, while the US Justice Department officials could not be immediately reached for comment. (Reporting by Rishika Chatterjee in Bengaluru, Sijia Jiang in Hong Kong and Karen Freifeld in Washington; Editing by Gopakumar Warrier)