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The PMIs indicate a slower growth rate for the major Gulf bourses

The major Gulf stock markets fell on Wednesday as investors focused on corporate earnings and the tepid performance of the private non-oil sector.

Dubai's benchmark index of stocks fell by 0.3% with all sectors falling. Dubai Investments fell 1.7%, and Dubai Islamic Bank declined 1.4%. DIB, the largest Islamic bank in UAE, reported an increase of 10.7% in its second-quarter net profits attributable shareholders.

The benchmark Abu Dhabi index fell 0.2%. This was due to a drop of 1.3% in Burjeel Holding and a fall of 4% in Phoenix Group.

ADNOC Gas however rose 1.5% following a 16% increase in its second-quarter profit. The company also declared a dividend of $1.792 Billion, an increase of 5% from the previous year.

A survey released on Tuesday showed that the growth of non-oil businesses in the United Arab Emirates slowed in July to its lowest pace in over four years, due to geopolitical tensions.

Saudi Arabia's benchmark index of stocks was not much changed at the start of trading, as gains in energy, healthcare and industry stocks were offset by losses in finance, real estate and materials.

Dr Soliman Abdel Kader Hospital rose 3.9% following a 59% rise in net profit for the quarter. Seera Group Holding fell 2.7%. The net profit of a tour and travel company fell by 72.9% in the second quarter.

The Riyad Bank Purchasing Management Index showed that Saudi Arabia's private non-oil sector expanded in July at a slower rate than it did the month before, according to the report.

Report said that the output growth rate has slowed to its lowest level since January 2022 and that new export orders have fallen for the first nine months.

The benchmark index in Qatar was up by 0.2%. This was mainly due to a rise of 1.2% in Industries Qatar, and a gain of 1.6% in Mesaieed Petrochemical.

(source: Reuters)