JEDDAH: Most major Gulf stock markets edged up on Wednesday, buoyed by an overnight rise in oil prices and US bourses, while Egypt’s market was hit by weak corporate earnings.
Saudi Arabia’s Tadawul All-Share index closed 0.1 percent higher after rising as much as 0.5 percent at one stage. Much activity focused on second- or third-tier stocks favored by local speculators.
Saudi Printing and Packaging rose 1.3 percent in the heaviest trade since it listed in July 2007.
Publisher Saudi Research and Marketing surged 4.4 percent to SR47.10, breaking out of the SR36-SR45 range it had traded in since mid-February.
Dubai’s stock index rose 0.5 percent as mortgage provider Amlak added 3.5 percent. It reported first-quarter profit jumped to 123 million dirhams ($33.5 million) from 6 million dirhams and managing director Arif Alharmi predicted modest growth for the rest of the year.
Gulf Navigation fell 2.8 percent after posting a 28 percent jump in profit to 6.3 million dirhams, which had been expected.
Abu Dhabi’s index slipped 0.9 percent.
Abu Dhabi National Energy Co. dropped 1.8 percent after reporting a first-quarter net loss of 608 million dirhams ($165.5 million) versus a year-earlier profit of 256 million dirhams.
Qatar edged up 0.1 percent as Dlala Brokerage continued its uptrend of the past month, rising 4.6 percent.
Egypt’s index dropped 1.6 percent. Palm Hills Development fell a further 2.4 percent, having tumbled 3.5 percent on Tuesday after reporting a 40 percent drop in first-quarter net profit.
Saudi Arabia’s Tadawul All-Share index closed 0.1 percent higher after rising as much as 0.5 percent at one stage. Much activity focused on second- or third-tier stocks favored by local speculators.
Saudi Printing and Packaging rose 1.3 percent in the heaviest trade since it listed in July 2007.
Publisher Saudi Research and Marketing surged 4.4 percent to SR47.10, breaking out of the SR36-SR45 range it had traded in since mid-February.
Dubai’s stock index rose 0.5 percent as mortgage provider Amlak added 3.5 percent. It reported first-quarter profit jumped to 123 million dirhams ($33.5 million) from 6 million dirhams and managing director Arif Alharmi predicted modest growth for the rest of the year.
Gulf Navigation fell 2.8 percent after posting a 28 percent jump in profit to 6.3 million dirhams, which had been expected.
Abu Dhabi’s index slipped 0.9 percent.
Abu Dhabi National Energy Co. dropped 1.8 percent after reporting a first-quarter net loss of 608 million dirhams ($165.5 million) versus a year-earlier profit of 256 million dirhams.
Qatar edged up 0.1 percent as Dlala Brokerage continued its uptrend of the past month, rising 4.6 percent.
Egypt’s index dropped 1.6 percent. Palm Hills Development fell a further 2.4 percent, having tumbled 3.5 percent on Tuesday after reporting a 40 percent drop in first-quarter net profit.
