[ad_1]
Shares in Abu Dhabai slipped on Thursday amid weak earnings at heavyweights, while shares in Saudi Arabia closed higher amid firm oil prices.
In Abu Dhabi, the index fell 1.7%, its worst day since September, dragged down by an 8% plunge in the country’s largest lender, First Abu Dhabi Bank, which posted its weakest close in more than eight months.
The bank reported a 26% drop in fourth-quarter net profit, missing analysts’ expectations, but a 7% rise in annual net profit.
The lender also cut its annual cash dividend by 26% to 52 fils per share compared with 2021.
Abu Dhabi’s ADX expects more listings this year
Al Seer Marine Supplies and Equipment fell 1.1 percent after reporting lower earnings, with annual net profit of AED1.01 billion, down from AED2.52 billion a year ago.
Saudi Arabia’s benchmark rose 0.1%, helped by gains in healthcare, financials and materials stocks, with Dr Sulaiman Al-Habib Medical Services up 2% and Saudi Mining up 1.4%.
Al Rajhi Bank, the world’s largest Islamic lender by market value, soared 1.4 percent, extending gains from last Thursday.
Dubai’s benchmark index rose slightly.
Most real estate stocks in the index fell, with heavyweight Emaar Properties down 1%, while utilities and financials rose, with Emirates Central Cooling up 0.7% and lender Emirates NBD (ENBD) up 0.4%.
Dubai’s largest lender ENBD on Thursday reported a 40% rise in net profit to 13 billion dirhams ($3.5 billion) in 2022, as higher interest rates and trading volumes boosted its overall revenue.
Qatar’s index fell 0.5%, snapping a five-day winning streak, as most index components were in negative territory.
Index heavyweights Qatar International Islamic Bank and Qatar Islamic Bank fell 3.5 percent and 0.8 percent, respectively.
“Qatar stocks are back on the downside as traders lock in gains after a streak of gains,” said Farah Mourad, senior market analyst at XTB MENA.
“Major indices remain under pressure from continued decline in natural gas prices”.
========================================= SAUDI ARABIA rose 0.1% to 10,822 QATAR fell 0.5% to 11,110 BAHRAIN was flat at 1928 OMAN added 0.1% to 4,751 KUWAIT fell 0.5% to 8,113 ABU DHABI dropped 1.7% to 10,177 DUBAI ended flat at 3,357 =========================================
[ad_2]
Source link