Gulf stock markets edged higher on Monday, supported by positive quarterly earnings from several major companies.
Dubai’s index added 0.9 percent as Emaar Properties climbed 1.9 percent to 6.95 dirhams after reporting an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million).
That was ahead of the 1.06 billion dirhams forecast by SICO Bahrain and Thomson Reuters data shows the median target price of 11 analysts covering the stock is 9.64 dirhams.
Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 2.8 percent.
But Dubai Investments fell 1 percent after the company reported a 2.3 percent fall in second-quarter net profit.
Abu Dhabi’s index edged up 0.1 percent. Dana Gas , which has not yet reported quarterly earnings, gained 3.6 percent. But food producer Agthia dropped 2.7 percent after reporting an 18 percent jump in second-quarter net profit compared to a year ago.
Kuwaiti telecommunication operator Zain climbed 1.5 percent after it reported late a 14 percent rise in second-quarter profit to 45 million dinars ($149.3 million), well ahead of analysts’ expectations. EFG Hermes and SICO Bahrain had forecast 36.2 million dinars and 37.4 million dinars respectively. Kuwait’s main stock index rose 0.3 percent.
SAUDI ARABIA
Saudi Arabia’s index gained 0.7 percent with 70 percent of traded stocks advancing as investors bought shares following recent dips.
Zain Saudi advanced 2.9 percent on news that its competitors Saudi Telecom Co (STC) and Etihad Etisalat (Mobily) had signed a deal to jointly explore options for their network of transmitter towers. The bourse statements from the top two operators on Sunday did not mention Zain Saudi by name, but said they might involve “other licensed operators”. STC dropped 2.4 percent while Mobily gained 0.6 percent.
MONDAY’S HIGHLIGHTS
SAUDI ARABIA
* The index gained 0.7 percent to 6,346 points.
DUBAI
* The index added 0.9 percent to 3,515 points.
ABU DHABI
* The index edged up 0.1 percent to 4,580 points.
QATAR
* The index increased 0.7 percent to 10,681 points.
KUWAIT
* The index added 0.3 percent to 5,470 points.
OMAN
* The index rose 0.3 percent to 5,861 points.
BAHRAIN
* The index gained 0.5 percent to 1,161 points.
Source: Reuters
