|01-22-2015, 05:47 PM||#1|
Gulf bourses fluctuate on mixed corporate news
Stock markets in the Gulf were mixed early Thursday, with some corporate news and results boosting shares in the United Arab Emirates (UAE), while Qatar was weighed by some gloomy news.
The Dubai Financial Market (DFM) added 1.45% and the Abu Dhabi Exchange gained 0.43%.
Dubai was boosted by heavyweights Emaar Properties, Arabtec and Dubai Islamic Bank.
Arabtec gained 1.6% after Aabar Investments raised its stake in the company. Dubai Islamic Bank surged 2.5%, set for the highest level since the start of 2015.
Emaar Properties added 1.4% after its subsidiary, Emaar Malls Group (EMG) which was recently added to the DFM, reported a yearly profit of AED1.35 billion ($368 million) in 2014, although it was slightly below estimates.
Abu Dhabi was buoyed by shares in Sharjah Islamic Bank, which jumped 5% after reporting an annual profit increase of 23% in 2014 late Wednesday.
Abu Dhabi Islamic Bank gained 1.2% ahead of its earnings review on Sunday.
Oman gained 0.04% while Kuwait lost 0.17%.
Qatar’s main index fell 0.28% with pressure coming in former telecommunications monopoly Ooredoo, which fell 1% after its credit rating outlook was altered to negative from stable by ratings agency Moody’s.
Moody’s said that "profitability in Ooredoo`s core markets has been declining at a faster pace than initially expected".
As for Saudi Arabia, its bourse is expected to face some downside pressure from some disappointing fourth quarter results.
Telecommunications operator Etihad Etisalat (Mobily) posted a surprising net loss on Wednesday for the fourth quarter.
Rival Zain Saudi however posted a better-than-expected loss in the same quarter.
Dar Al Arkan, one of the kingdom’s largest developers reported a fall in profit for the quarter, also failing estimates.
Gulf bourses also faced some pressure from a fall oil prices after OPEC’s Secretary General Abdallah El-Badri defended the group’s decision regarding output.
The global equity backdrop however is helping, with European, U.S. and Asian markets advancing on bets the European Central Bank will reveal a larger than expected stimulus program when its board meets today.
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