Saudi petrochemical stocks ended yesterday’s trading on the downside after some disappointing earnings, but key banking and property stocks helped the index close slightly higher. Other Gulf markets were mixed.
The Saudi index closed 0.2% up at 8,248 points, hovering near the level last seen in August 2015.
Petrochemicals firms were under pressure with the index’s most heavily weighted company, Saudi Basic Industries Corp, down 2.1%. Sabic will announce its quarterly results on Sunday.
Three analysts polled by Reuters expect the company to make an average net profit of 5.8bn Saudi riyal ($1.6bn) in the first quarter.
Saudi International Petrochemical Co (Sipchem) dropped 4.9% after missing earnings forecasts with a first-quarter net profit of 151mn riyals, up 65% on year.
Three analysts surveyed by Reuters had on average forecast a profit of 189mn riyals.
Alinma Bank slipped 0.4% despite surpassing a Sico Bahrain earnings forecast for its quarterly profit of 501.5mn riyals.
The bank posted a profit of 582mn riyals. However, Al Rajhi Bank closed 0.3% higher while property firm Dar Al Arkan gained 1.6%, providing the index some support.
The Dubai index rose 0.6% to 3,043 points.
Abu Dhabi’s index was up 0.6% to 4,697 points. Top mover Dana Gas rose 15% after falling for several days.
Dana Gas, Crescent Petroleum, Dragon Oil, and Eni are among companies that sent letters to take part in Iraq’s oil and gas contract bidding round, an Iraqi oil official said yesterday.
In Egypt, main index rose 1.3% to 18,363 points, helped by a 2.8% rise in Commercial International Bank.
Elsewhere in the Gulf, the Kuwait index fell 0.3% to 4,810 points, the Oman index edged down 0.4% to 4,722 points and the Bahrain index was down 0.5% to 1,263 points.
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