Saudi Arabia’s stock market in the Gulf ended lower on Thursday, extending losses for a third session amid a slowdown in corporate earnings, while top lender Emirates NBD helped the Dubai index.
Saudi Arabia’s benchmark index dropped 1%, hit by a 1% fall in Al Rajhi Bank, while ACWA Power Company slid 2.7%.
ACWA Power on Tuesday reported annual profit ahead of analysts’ estimates but missed on revenue.
Elsewhere, Saudi Basic Industries Corp closed 3.1% lower, extending losses from the previous session when it reported a slightly wider loss in the fourth quarter.
However, Company for Cooperative Insurance rose 1.8%, after the insurer met analysts’ estimates.
Dubai’s main share index added 0.2%, helped by a 1.9% rise in Emirates NBD Bank (ENBD).
Earlier this week, ENBD, Dubai’s top lender, made a mandatory cash offer to buy Emirates Islamic Bank at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the index fell 0.3%, pressured by a 1.2% fall in ADNOC Gas.
Major Gulf markets mixed on lacklustre earnings
Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday.
However, oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron to operate in Venezuela.
The Qatari index slipped 0.5%, hit by a 2.1% fall in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index was down 0.1%, with Commercial International Bank retreating 1.1%.
Meanwhile, Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector’s minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday.
Kuwait was closed for a public holiday.
--------------------------------------- SAUDI ARABIA dropped 1% to 12,112 Abu Dhabi down 0.3% to 9,613 Dubai rose 0.2% to 5,361 QATAR fell 0.5% to 10,446 EGYPT lost 0.1% to 30,610 BAHRAIN added 0.1% to 1,960 OMAN rose 0.5% to 4,436---------------------------------------