DUBAI, April 25 Two Qatari blue chip shares
weighed on the local index in early trade on Tuesday after
reporting a disappointing set of quarterly earnings, while Dubai
was dragged lower by telecommunications operator Du.
Qatari Islamic lender Masraf Al Rayan lost 0.5
percent after reporting a 6.5 percent year-on-year fall in its
first-quarter net profit to 510 million Qatar riyals ($140.1
million) and below the average of three analysts' estimate of
517.1 million riyals.#
Commodities shipper Qatar Navigation was down 1.0
percent after it made a net profit of 236 million Qatar riyals
($64.81 million) in the three months to March 31, down 33
percent from the prior year period and below the 369.2 million
riyals analysts at QNB Financial Services had estimated.
Doha's index was down 0.3 percent.
Dubai's index was down 0.6 percent as shares of
Emirates Integrated Telecommunications (Du) lost 3.0
percent after reporting a net profit of 364.9 million dirhams
($99.35 million) in the three months to March 31, down 24
percent from the prior year period.
Analysts at SICO Bahrain forecasted the telecommunication
provider to make a net profit of 447.33 million dirhams and EFG
Hermes estimated 474.02 million dirhams.
Shares of developer DAMAC Properties, which has
not yet reported earnings, slumped 9.8 percent as they went
ex-dividend on Tuesday.
Shuaa Capital, however, bucked the trend to add
1.9 percent after it swung to a first quarter net profit of 24.8
million dirhams, from a net loss of 28.5 million dirhams in the
prior year period.
In Abu Dhabi, the index added 0.2 percent as Abu
Dhabi Islamic Bank climbed 2.5 percent after it
reported a 20 percent year-on-year growth in first quarter net
profit to 577.5 million dirhams.
Saudi Arabia's index slipped 0.3 percent in the
first half an hour of trade with the main drag from the
petrochemical sector as Brent crude futures were trading
near a four-week low around $51.70 a barrel. Heavyweight Saudi
Basic Industries fell 0.5 percent.
Most petrochemical makers have not yet reported earnings as
the regulator granted companies an additional 15 days to publish
financials since they are converting to IFRS from the current
But shares of apparel retailer and mall operator Fawaz
Alhokair extended on yesterday's 10 percent gain, to
add 4.4 percent. On Sunday, the retailer reported a huge jump in
net profit despite a small drop in sales.
(Reporting by Celine Aswad; Editing by Angus MacSwan)