MIDEAST STOCKS-Gulf markets upbeat; Dubai’s Emaar surges – Reuters

6 months ago Comments Off on MIDEAST STOCKS-Gulf markets upbeat; Dubai’s Emaar surges – Reuters

DUBAI, April 14 Strong earnings lifted stock
markets in Saudi Arabia and Oman in early trade on Thursday,
while Emaar Properties supported Dubai’s index after
it announced a planned exit from an Indian partnership.

Saudi’s Yanbu (Yansab) jumped 3.9 percent after
the petrochemical firm reported a 41 percent jump in net profit
to 401.9 million riyals ($107.21 million),beating analysts’
average forecast of 310.8 million riyals. Yanbu is the second
petchem to report quarterly earnings this season.

Shares in Saudi Basic Industries, which has a
stake of over 50 percent in Yansab, were up 0.3 percent.

Riyad Bank advanced 1.4 percent after it posted a
0.2 percent rise in first-quarter net profit to 1.17 billion
riyals ($321.3 million),topping analysts’ average forecast of
962.34 million riyals.

Seven of the 12 banks on the Saudi bourse have now reported
earnings with seven beating forecasts, a positive surprise in
light of the subdued economic backdrop and low oil prices, which
have hurt public finances.

The banking sub-index was up 0.4 percent, heading
for its third straight session of gains. Riyadh’s overall stock
index was up 0.3 percent.

Two Omani telecommunications companies reported earnings
which topped analysts’s expectations, helping lift the index
0.1 percent.

Oman Telecommunications (Omantel) rose 0.6 percent
after it reported a 0.6 percent rise in first-quarter net profit
to 34.8 million rials ($90.6 million); analysts at EFG Hermes
and Gulf Baader Capital Markets had forecast 29.37 million rials
and 27.9 million rials.

Ooredoo Oman jumped 2.8 percent to 0.74 rial after
it made a quarterly net profit of 12.6 million rials, a 17.8
percent rise; Gulf Baader had forecast 10.9 million rials.

In Dubai, where companies have yet to report first-quarter
earnings, the index added 0.8 percent, lifted by a 3.6
percent jump in Emaar Properties.

Investors appeared to welcome the company’s announcement
late on Wednesday that it plans to split with its Indian joint
venture partner through a demerger process. Also, longer-term
investors may be going back into Dubai blue chips with the
recovery of oil prices and improved market mood.

Abu Dhabi’s index edged up 0.4 percent as investors
bought blue chips. Telecommunications giant Etisalat
and Abu Dhabi Commercial Bank were up 0.8 and 1.4
percent respectively.

(Reporting by Celine Aswad; Editing by Andrew Torchia)

MIDEAST STOCKS-Gulf markets upbeat; Dubai’s Emaar surges – Reuters}