* Saudi Arabian Fertilizer rises despite dividend cut
* Dubai's Arabtec tumbles but comes off lows
* Emaar Properties up marginally after earnings
* NBAD, FGB lift Abu Dhabi
* Profit-taking in Egypt despite positive economic signs
By Andrew Torchia
DUBAI, Feb 15 Most Gulf stock markets rose on
Wednesday on the back of strong global equity prices, while
Egypt's bourse continued to pull back on profit-taking, breaking
The Saudi index added 0.6 percent as real estate
developer Dar Al Arkan, the most heavily traded stock,
climbed 2.5 percent. Utility Saudi Electric rose 2.7
Saudi Arabian Fertilizer Co rose 1.1 percent
despite 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
Dubai's index fell 0.2 percent as builder Arabtec
, the most heavily traded stock, closed 5.6 percent
lower at 1.02 dirhams. However, the stock bounced from an early
low of 0.97 dirham.
It had plunged below 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 rights issue.
Emaar Properties closed 0.3 percent higher, well
off its intra-day high, after its fourth-quarter net profit came
in at the high end of expectations. It reported a profit of 1.61
billion dirhams, up from 1.03 billion 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. But the profit was boosted by a write-back of a
301 million provision taken a year before for the costs of a
fire at an Emaar hotel.
Dubai Financial Market, which has been strong in
unusually high volume for the past few days, jumped 4.1 percent.
In neighbouring Abu Dhabi, the index climbed 0.5
percent because of strength in National Bank of Abu Dhabi
, which rose 2.5 percent, and First Gulf Bank,
which gained 2.3 percent. The two banks will merge on April 1.
Abu Dhabi Islamic Bank fell 0.8 percent after
posting a 4.7-percent fall in fourth quarter profit, which was
in line with a forecast by EFG Hermes.
The Egyptian index fell 0.4 percent to 12,448
points, confirming a break below technical support at its early
February low of 12,578 points. This triggered a double top
formed by the highs of January and February and pointing down to
about 11,500 points.
The economic picture appears to be improving in Egypt, with
yields falling as foreign portfolio investors return to Egyptian
fixed income, but fund managers said the market was vulnerable
to profit-taking after its bull run since November.
Egyptian Chemical Industries jumped 7.6 percent
after saying its capital increase had been 87.63 percent
* The index added 0.6 percent to 7,074 points.
* The index fell 0.2 percent to 3,645 points.
* The index added 0.5 percent to 4,597 points.
* The index rose 0.6 percent to 10,732 points.
* The index fell 0.5 percent to 12,445 points.
* The index gained 0.9 percent to 6,815 points.
* The index rose 0.2 percent to 5,831 points.
* The index climbed 1.0 percent to 1,322 points.
(Editing by Louise Ireland)