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MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index
May 11, 2017 / 2:43 PM / in 7 months

MIDEAST STOCKS-Oil price lifts some Gulf stocks, mixed earnings hit Saudi index

DUBAI, May 11 (Reuters) - Rising oil prices lifted energy company stocks in the Gulf on Thursday, but indices were mixed due to some negative earnings reports, especially in Saudi Arabia.

The Riyadh index lost 0.7 percent.

Savola Group, the kingdom’s largest food products company, reported a 96 percent drop in first-quarter net profit, sending its shares down 2.4 percent.

The National Industrialization Company (Tasnee), which reported a less than expected first-quarter net profit of 103.3 million riyals ($27.54 million), fell 7.6 percent.

Bupa Arabia, which posted a significant decline year on year in first-quarter profit to 36.7 million riyals, dropped 6.3 percent.

United Arab Emirates markets rose due to higher oil prices and positive first-quarter results over the past week. The Dubai index gained 0.7 percent and the Abu Dhabi index was up 0.6 percent.

Brent Crude broke through $50 a barrel this week, after a fall in U.S. inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market.

Shares of state-owned Abu Dhabi National Energy Company (TAQA) rose 12.5 percent after the company swung to profit in the first quarter.

Dana Gas, which reported an $11 million first-quarter profit, up from $6 million a year earlier, gained 2.3 percent.

In Dubai, real estate companies including Emaar Malls and Damac Properties edged up while construction company Drake and Scull, the worst performing stock, fell 4.3 percent.

The Qatar index was up by 1.2 percent, following a major decline in April.

Thursday marked the last day of earnings reports in Saudi Arabia. In general, results have been in line or above estimates for most sectors, with earnings in the petrochemical and banking sector rebounding modestly compared with a year ago.

Construction related companies, however, including cement and contractors recorded a year on year decline in bottom line. Those sectors are highly dependent on government payments, which have been delayed as a result of lower oil revenue.

The Saudi market has fallen 2.4 percent since April 5, when the first Saudi company reported earnings.



* The index lost 0.7 percent to 6.882 points.


* The index added 0.7 percent to 3.420 points.


* The index climbed 0.6 percent to 4.608 points.


* The index rose 1.2 percent to 10.110 points.


* The index declined 0.7 percent to 12.906 points.


* The index gained 0.2 percent to 6.670 points.


* The index fell 0.1 percent to 1.307 points.


* The index was almost unchanged at 5.432 points.

$1 = 3.7503 riyals Reporting by Davide Barbuscia; editing by Susan Thomas

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