Saudi Arabia’s stock market ended lower on Wednesday, extending losses, as lacklustre corporate earnings weighed on investor confidence, while lender Emirates NBD helped the Dubai index.
Saudi Arabia’s benchmark index declined 0.6%, falling for a third consecutive session, hit by a 2.7% fall in ACWA Power, after the firm reported annual profit beating analysts’ estimate but missed on revenue.
Elsewhere, Saudi Basic Industries Corp retreated 2.1% following a slightly wider loss in the fourth quarter, while Yanbu National Petrochemical Co slid 4.2%, as the firm traded ex-dividend.
However, Saudi Telecom Company (STC) advanced 3.6%, as the telco reported an annual profit of 24.69 billion riyals ($6.58 billion), far ahead of analysts’ estimate of 13.70 bln riyals.
In a separate bourse filing, STC’s board proposed a fourth-quarter cash dividend of 0.55 riyal, a 37.5% increase from a year earlier.
Dubai’s main share index closed 0.2% higher, lifted by a 2.1% gain in Emirates NBD, after Dubai’s top lender on Tuesday made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the index closed 0.3% higher, led by a 2.4% leap in e& as the telecoms group agreed to sell its 40% stake in Khazna Data Center Holdings for $2.2 billion.
Gulf markets mixed on weak earnings, US curbs on China
However, oil prices held at two-month lows as a potential peace deal between Russia and Ukraine continued to weigh on prices, while lower U.S. crude stockpiles provided some support.
The Qatari benchmark slipped 0.9%, as profit-taking continued, with the Gulf’s biggest lender Qatar National Bank fell 2.1%.
Outside the Gulf, Egypt’s blue-chip index eased 0.1%, with Commercial International Bank losing 1.4%.
Meanwhile, Egypt aims to move state-owned enterprises to the country’s sovereign wealth fund to maximise the return on state assets, Investment Minister Hassan El Khatib said on Wednesday.
Kuwait bourse was closed for a public holiday
----------------------------------------- SAUDI ARABIA fell 0.6% to 12,233 Abu Dhabi rose 0.3% to 9,643 Dubai added 0.2% to 5,352 QATAR dropped 0.9% to 10,498 EGYPT lost 0.1% to 30,632 BAHRAIN was up 0.2% to 1,959 OMAN added 0.1% to 4,410 -----------------------------------------
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