4 Min Read
* Dubai's du down on poor Q1 results
* DAMAC slumps as shares go ex dividend
* Shuaa Capital down despite swinging to Q1 profit
* Abu Dhabi buoyed by good results from ADIB
* Saudi slips as oil prices remain low
* Alhokair jumps again, some other retail shares defiant
By Celine Aswad
DUBAI, April 25 (Reuters) - Stock markets in the Gulf most exposed to foreign trade held their ground on Tuesday, with Dubai and Qatar showing resilience in the face of disappointing results from blue-chip companies.
In Dubai, shares of Emirates Integrated Telecommunications (Du) lost 3 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 forecast the telecommunication provider would 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 8.0 percent as they went ex-dividend on Tuesday.
Shuaa Capital fell 0.6 percent, after its shares resumed trade following a press conference held earlier in the day. The investment firm 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.
The bourse, however gained 0.1 percent, taking its cue from the MSCI Emerging Market index, which some of the Dubai-listed shares are a constituent of, as the international benchmark traded near a one month high. Emaar Properties added 0.1 percent.
Qatari Islamic lender Masraf Al Rayan, which traded in negative territory for most of the session, added 0.4 percent.
The bank reported a 6.5 percent year-on-year fall in its first-quarter net profit to 510 million Qatar riyals ($140 million) and below the average of three analysts' estimate of 517.1 million riyals.
Commodities shipper Qatar Navigation fell 0.3 percent to 70.50 riyals, but 1.3 riyals off a session low.
It made a net profit of 236 million Qatar riyals 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, however, closed flat as some losses were offset by gains in the two telecommunications companies. Ooredoo rose 1.2 percent and Vodafone Qatar added 1.0 percent.
In Abu Dhabi, the index rose 0.8 percent as Abu Dhabi Islamic Bank climbed 1.4 percent after it reported a 20 percent year-on-year growth in first quarter net profit to 577.5 million dirhams.
Other lenders were robust, with First Abu Dhabi Bank also adding 1.4 percent.
The Saudi index slipped 0.9 percent 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 1.5 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 local accounting standard.
But shares of apparel retailer and mall operator Fawaz Alhokair surged by its 10 percent daily limit for a second session in a row. On Sunday, the retailer reported a huge jump in net profit despite a small drop in sales.
Also investors were building positions in consumer cynical shares since the start of the week on news the government had reinstated civil servant's allowances over the weekend.
The perks had been cancelled last September as the oil-exporter resorted to austerity measures to combat lower hydrocarbon revenue. Electronics seller United Electronics added 1.4 percent.
Egypt and Oman's bourses were closed for a public holiday.
* The index lost 0.9 percent to 6,916 points.
* The index added 0.1 percent to 3,433 points.
* The index rose 0.8 percent to 4,565 points.
* The index edged up 0.04 percent to 10,157 points.
* The index flat at 6,831 points.
* The index gained 0.1 percent at 1,337 points.