Most Gulf stocks fall on weak corporate earnings; Abu Dhabi gains

Feb 14 (Reuters) – Most Gulf stocks ended lower on Tuesday, dragged down by oil prices and weaker-than-expected corporate earnings, while the Abu Dhabi index pared early losses.

Oil prices – a major contributor to the Gulf region’s economy – fell more than 1 percent after the U.S. government said it would release more crude from its Strategic Petroleum Reserve.

Brent crude futures were down $1.06, or 1.22%, at $85.56 a barrel by 1152 GMT.

Dubai benchmark stock index (.DFMGI) They ended down 0.3 percent, snapping a nine-session winning streak, dragged down by losses in the utilities, industrials and communications sectors.

air arabia (AIRA.DU) Shares fell 3.4%, their worst day since early May, after the low-cost carrier reported a 24% drop in its fourth-quarter net profit.

Abu Dhabi Index (.FTFADGI) Conglomerate International Holding Co rose 0.25%, inching up 0.1%. (IHC.AD) ahead of the annual earnings report later in the day.

After trading hours, Conglomerate reported a 175 percent jump in full-year net profit to AED31.86 billion ($8.68 billion).

Saudi Arabia benchmark stock index (.one) They fell 0.2 percent, weighed down by losses in the financial and health care sectors.

arab national bank (1080.SE) The bank’s full-year profit was lower than market expectations of 3.2 billion riyals, and its stock price fell 3.2%. It reported a net profit of 3.07 billion riyals, up 41% from 2021.

Beyond the Gulf, Egypt’s blue-chip index (.EGX30) Up 1.3%, boosted by a 7.7% surge in Juhayna Food Industries (JUFO.CA) After the company appointed Seif El-Din Safwan Thabet as vice chairman and chief executive officer.

($1 = 3.6537 Qatari Riyal)

($1 = 3.6726 UAE Dirhams)

Reporting by Mohd Edrees in Bengaluru; Editing by Maju Samuel

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