Saudi Electricity weighs on Riyadh index, Egypt pulls back

Shares in Saudi Electricity Co (SEC) weighed on Saudi Arabia's stock market on Wednesday after the company reported a wider net loss for the fourth quarter, while Egypt's index pulled back as local traders booked gains in blue chips.
The Saudi equities index edged down 0.3 percent as SEC slumped 3.4 percent after posting a quarterly loss of 2.34 billion riyals ($624 million), much worse than NCB Capital's forecast of a loss of 1.04 billion riyals.
SEC cited higher energy prices and operating costs.
National Industrialisation (Tasnee) lost 2.1 percent to 16.30 riyals after trading as much as 1.8 percent higher earlier in the session.
The titanium dioxide producer swung to a net profit of 123.4 million riyals in the fourth quarter from a net loss of 686.6 million riyals a year earlier.
Advanced Petrochemical lost 0.2 percent despite reporting a 43.8 percent jump in fourth-quarter net profit.
But Alinma Bank added 2.8 percent after it made 390 million riyals in the fourth quarter, a 1 percent rise, in line with analysts' average forecast of 389 million riyals.
The largest medical insurer, BUPA Arabia, closed flat after reporting a 7.6 percent decline in fourth-quarter net profit, citing an increase in net claims and lower gross written premiums. But United Co-operative Assurance jumped 4.6 percent after swinging to a net profit from a loss.
In Cairo, the blue-chip index pulled back 1.0 percent from an all-time high in heavy trade. However, foreign investors remained net buyers of shares.
Orascom Telecom, the most heavily traded share, retreated 6.0 percent. Global Telecom Holding dropped 3.1 percent . Qatar's index pulled back 0.4 percent from a five-month high hit on Tuesday, with Doha Bank closing 0.8 percent lower after surging 6 percent on the previous day.
But Masraf Al Rayan, which jumped 4.0 percent on Tuesday after saying its board had recommended a higher dividend for 2016 despite an 8 percent decline in fourth-quarter net profit, added a further 0.7 percent.
Dubai's index swung 0.6 percent higher, gaining momentum in the final hour of trade as investors bought shares that have underperformed this year.
Emaar Properties climbed 1.3 percent and Dubai Financial Market added 1.5 percent. Banking shares helped lift Abu Dhabi's index 0.7 percent. National Bank of Abu Dhabi added 1.4 percent and First Gulf Bank rose 1.5 percent; the two plan to merge this quarter.