Markets

MidEast Stocks Mixed, Helped By Oil Jump; Corporate Results Eyed

Middle East shares were mixed, with some support coming from a jump in Brent crude to $46 per barrel overnight.

Corporate results also were in the spotlight. Rabigh Refining and Petrochemical Co (PetroRabigh) reported a quarterly net loss of 32.7 million riyals ($8.7 million), versus a net profit of 205.4 million riyals a year earlier.

Fawaz Alhokair said quarterly net profits tumbled 98% to 3.17 million riyals, below the average of three analysts polled by Reuters for 160.16 million riyals.

Al Tayyar Travel Group said Q1 net profit dropped 32.2% to 194 million riyals but analysts at Aljazira Capital had expected the company to earn 210.8 million riyals.

DAMAC Properties' shareholders on Wednesday approved the distribution of a cash dividend of 0.15 dirham per share for 2015, but the company has not yet released its quarterly financial results for this year.

Arabtec's chairman said on Wednesday it might break even in 2016 and should return to profit in the following year.

Global Telecom Holding announced in a bourse statement the pricing of a $1.2 billion bond.

Saudi Arabia's main index jumped 1.2% to 6,588 points, Dubai advanced 1.1% to 3,584 points to a six-month closing high. Abu Dhabi firmed 0.9% to 4,637 points, Egypt slipped 0.2% to 7,781 points, Qatar inched up 0.3% to 10,396 points, Kuwait gained 0.3% to 5,347 points, Oman gained 1.4% to 5,817 points and Bahrain slipped 0.04% to 1,122 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Stocks

Latest Markets Videos