MidEast Shares Mixed, Weaker-than-Expected Mobily Results Limit Saudi Gains
Middle East stocks were mixed, with Mobily limiting gains on the Saudi market after the company reported worse-than-expected results.
Mobily swung to a net loss of 163 million riyals ($43.47 million) in Q1 from a 20 million riyal net profit a year earlier. Average analyst expectations were a net loss of 69.39 million riyals.
However, insurance shares provided the Saudi index with some support. Company for Cooperative Insurance said net profit that more than doubled to 160.3 million riyals in Q1, and Malath Cooperative Insurance said net income more than tripled.
In other company news, Fawaz Alhokair said net profit was 79.4 million riyals ($21.2 million) for Q4, beating the 3.17 million riyals a year earlier and analysts' expectation of a 61.7 million riyal net profit.
Six of October Development reported a 64% jump in Q1 contracted sales to 1.2 billion Egyptian pounds ($66 million).
Saudi Arabia's main index inched up 0.1% to 6,976 points, Dubai slumped 1.1% to 3,431 points, Abu Dhabi firmed 0.2% to 4,531 points, Qatar shed 0.4% to 10,154 points, Egypt gained 0.3% to 12,583 points, Kuwait edged up 0.2% to 6,831 points, Oman dipped 0.1% to 5,467 points and Bahrain eased 0.1% at 1,336 points.
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