MidEast Stocks Mixed, Helped By Oil Jump; Corporate Results Eyed – Nasdaq
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Middle East shares were mixed, with some support coming from a
jump in Brent crude to $46 per barrel overnight.
Corporate results also were in the spotlight. Rabigh Refining
and Petrochemical Co (PetroRabigh) reported a quarterly net loss of
32.7 million riyals ($8.7 million),versus a net profit of 205.4
million riyals a year earlier.
Fawaz Alhokair said quarterly net profits tumbled 98% to 3.17
million riyals, below the average of three analysts polled by
Reuters for 160.16 million riyals.
Al Tayyar Travel Group said Q1 net profit dropped 32.2% to 194
million riyals but analysts at Aljazira Capital had expected the
company to earn 210.8 million riyals.
DAMAC Properties’ shareholders on Wednesday approved the
distribution of a cash dividend of 0.15 dirham per share for 2015,
but the company has not yet released its quarterly financial
results for this year.
Arabtec’s chairman said on Wednesday it might break even in 2016
and should return to profit in the following year.
Global Telecom Holding announced in a bourse statement the
pricing of a $1.2 billion bond.
Saudi Arabia’s main index jumped 1.2% to 6,588 points, Dubai
advanced 1.1% to 3,584 points to a six-month closing high. Abu
Dhabi firmed 0.9% to 4,637 points, Egypt slipped 0.2% to 7,781
points, Qatar inched up 0.3% to 10,396 points, Kuwait gained 0.3%
to 5,347 points, Oman gained 1.4% to 5,817 points and Bahrain
slipped 0.04% to 1,122 points.
MidEast Stocks Mixed, Helped By Oil Jump; Corporate Results Eyed – Nasdaq}