Gulf Markets Edge Down in Early Trade on Q4 EarningsSource: www.export-egypt.com 1/16/2017, Location: Middle East |
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Gulf stock markets edged down in early trade after several earnings misses by major companies, with Kuwait stalling after a very strong start to the year.
Qatar's index slipped 0.2 percent as Qatar National Bank dropped 1.2 percent after reporting an 8.3 percent increase in fourth-quarter net profit to 2.75 billion riyals ($755 million); EFG Hermes had forecast 2.99 billion riyals and SICO Bahrain, 3.44 billion riyals. In Saudi Arabia, the index was down 0.5 percent in the first 45 minutes of trade. Riyad Bank, the first major Saudi bank to reported fourth-quarter earnings, slipped 2.3 percent after posting a 65.6 percent fall in profit to 293 million riyals ($78 million); analysts polled by Reuters had on average forecast 780 million riyals. Oil shipper Bahri sank 4.8 percent on a quarterly net profit of 327.8 million riyals versus 566.4 million riyals a year ago. Alistithmar Capital and Albilad Capital had forecast 454.6 million and 431 million riyals respectively. Two petrochemicals firms reported quarterly earnings in line with estimates but still saw their shares fall. Saudi Kayan Petrochemical Co dropped 2.3 percent after swinging to a net profit of 103.65 million riyals compared with a loss of 624.14 million riyals a year ago. And Saudi Arabia Fertilizers Co slipped 2.1 percent after reporting a 24.9 percent drop in profit . But Al Jouf Cement climbed 1.1 percent after announcing a 10 percent capital increase through an issue of bonus shares. Dubai's Emirates NBD, the biggest bank in the emirate, beat analysts' estimates with a 13 percent fall in profit to 1.86 billion dirhams ($506 million); analysts had on average forecast 1.62 billion dirhams. But its illiquid shares did not trade early and Dubai's index edged down 0.2 percent. Kuwait's index, which had surged 8.2 percent since the end of last year, outperforming the region after a long period of sluggish performance, edged down 0.2 percent |
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