DUBAI Feb 15 Most Gulf stock markets edged up
in early trade on Wednesday with construction firm Arabtec
beginning to stabilise in Dubai after a plunge this
Dubai's index added 0.2 percent with Arabtec
down 0.9 percent at 1.07 dirhams, bouncing from an
early low of 0.97 dirham in very heavy trade.
It had plunged its 10 percent daily limit on the two
previous days after the company reported a wider fourth-quarter
loss and said its board was seeking shareholder approval for a
1.5 billion dirham ($408.4 million) rights issue.
Emaar Properties climbed 1.3 percent after its
fourth-quarter net profit came in at the high end of
expectations; it reported a profit of 1.61 billion dirhams ($439
million), up from 1.03 billion dirhams in the same period of
2015, while revenues were up 16 percent.
SICO Bahrain had forecast Emaar would make a quarterly
profit of 1.32 billion dirhams while EFG Hermes had forecast
1.64 billion dirhams. However, the profit was boosted by a
write-back of a 301 million dirham provision taken a year
earlier for the costs of a fire at an Emaar hotel.
Saudi Arabia's index was flat although Saudi Arabian
Fertilizer Co fell 0.7 percent after saying its board
had proposed a cash dividend of 1 riyal per share for the second
half of 2016, down from 3 riyals a year earlier.
Abu Dhabi's index edged up 0.1 percent and Qatar
gained by the same margin. Kuwait climbed 0.3
(Reporting by Andrew Torchia; Editing by Toby Chopra)