PHOTO
A woman uses her camera near a trading board at the Dubai Stock Exchange in the Dubai World Trade Center. Ahmed Jadallah, Reuters Image for illustrative purposes.
Most Gulf stock markets ended lower on Wednesday as disappointing corporate earnings dampened investor sentiment, although the Saudi index rose on strong gains by Al Rajhi Bank.
Dubai's main share index declined 0.9%, weighed down by a 9.3% plunge in top lender Emirates NBD (ENBD) , posting the index's biggest intraday fall in nearly five years. ENBD reported fourth-quarter net profit of 4 billion dirhams ($1.09 billion), marginally lower than a year earlier. The lender also missed analysts' estimates.
The Abu Dhabi index lost 0.3%, with Alpha Dhabi Holding retreating 3.5%, after the firm acquired a controlling stake of 73.73% in the National Corporation for Tourism and Hotels (NCTH) through a strategic investment. As part of the deal, assets from ADHH and Murban Energy Limited were sold to NCTH in exchange for shares.
Saudi Arabia's benchmark index, however, gained 0.2%, helped by a 4.7% jump in Al Rajhi Bank, after the lender reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024. In a separate filing, Al Rajhi Bank - which saw its biggest intraday gain in about 4 months - also proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier. Elsewhere, Saudi Telecom Company rose 1%, a day after the firm said it won a contract worth 32.64 billion riyals from a government entity to build, operate and provide telecommunications infrastructure services.
On the other hand, Saudi National Bank retreated 2.9%, after reporting a slightly higher annual profit. In Qatar, the index notched 0.1% higher, with petrochemical maker Industries Qatar rising 0.7%. However, Qatar Gas Transport (Nakilat) fell 2.4%, on a lower annual dividend. Nakilat - the world's largest shipper of liquefied natural gas - recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago.
Outside the Gulf, Egypt's blue-chip index finished 0.8% higher, with Talaat Moustafa Holding rising 2.1%. Egypt has completed a $2 billion international bond sale, the country's first dollar-denominated international bond issuance in four years. SAUDI ARABIA rose 0.2% to 12,439
- Abu Dhabi lost 0.3% to 9,523
- Dubai fell 0.9% to 5,129
- QATAR added 0.1% to 10,680
- EGYPT up 0.8% to 29,892
- BAHRAIN dropped 1% to 1,874
- OMAN down 0.5% to 4,543
- KUWAIT eased 0.2% to 8,301
($1 = 3.6726 UAE dirham)
($1 = 3.6453 Qatar riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)