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MIDEAST STOCKS-TAQA weighs on Abu Dhabi, Dubai Islamic Bank buoys Dubai on Q1 results
April 11, 2017 / 7:52 AM / 8 months ago

MIDEAST STOCKS-TAQA weighs on Abu Dhabi, Dubai Islamic Bank buoys Dubai on Q1 results

DUBAI, April 11 (Reuters) - Shares in Abu Dhabi National Energy dropped on profit taking, pulling that index lower in early trade on Tuesday, while strong first quarter results from Dubai Islamic Bank helped to buoy its local index.

Abu Dhabi’s index edged down 0.1 percent, with the main drag coming from a 3.3 percent drop in shares of Abu Dhabi National Energy.

TAQA had closed 1.7 percent higher Monday and shares of the energy company have been volatile since last week when the government announced it had raised its stake in the company.

Dubai’s index was up 0.2 percent, as shares of Dubai Islamic Bank rose 0.9 percent after the lender reported a first quarter net profit attributable to shareholders of 1 billion dirhams ($272.3 million), 14 percent higher than the prior year period.

In Saudi Arabia, the stock index was flat in the first half hour of trade. The largest listed stock petrochemical producer Saudi Basic Industries rose 0.5 percent.

Shares of Saudi Fisheries were up 0.5 percent after the company said it had secured a 42.8 million riyal loan from the Saudi Industrial Development Fund to complete the construction of fish feed facility.

On Monday the company reported a first quarter net loss of 9.2 million riyals ($2.45 million), slightly narrower than the net loss of 9.6 million riyals in the prior year period but sales declined 43.7 percent year-on-year.

Qatar’s index was down 0.3 percent as three-quarters of the trading shares declined. Medicare Group was the worst performer, down 1.6 percent. ($1 = 3.6726 UAE dirham) ($1 = 3.7503 riyals) (Reporting by Celine Aswad; Editing by Keith Weir)

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