JEDDAH: Gulf stock markets were neutral to slightly positive, although negative news and earnings reports dragged down some individual stocks. Egypt’s bourse posted strong gains for a third day in a row.

Saudi Arabia’s Tadawul All Share Index added 0.3 percent, partly because of a rebound in beaten-down petrochemicals.

Shares in Yanbu National Petrochemical Co. (Yansab) jumped 2.1 percent after it reported a 39.7 percent rise in fourth-quarter net profit.

Yansab, a unit of Saudi Basic Industries, which climbed 1.0 percent, made a net profit of SR617.8 million ($164.6 million) in the three months to Dec. 31 while analysts polled by Reuters had on average forecast SR558.3 million.

Saudi Investment Bank climbed 1.8 percent, having reported a 14.8 percent rise in fourth-quarter profit, in line with analysts’ estimates.

Qatar’s index edged up 0.3 percent, although shares in Qatar National Bank (QNB) fell 1.0 percent after it posted a 3.3 percent rise in fourth-quarter net profit.

QNB, the largest lender in the Gulf, made a net profit of 2.45 billion riyals in the quarter; the average forecast of analysts polled by Reuters was 2.57 billion riyals.(Full Story)

Dubai’s market was nearly flat, but builder Arabtec Holding, which dominated trading, edged up 0.7 percent.

Arabtec will hold a board meeting on Thursday to discuss the company’s projects and investors may be expecting an update on its giant $40 billion project to build one million housing units in Egypt.

Abu Dhabi’s benchmark was also almost flat with an equal split between gainers and losers. Oman rose 1.0 percent, while Kuwait’s index was unchanged.

Shares in food maker Americana tumbled 3.6 percent after sources familiar with the matter told Reuters on Tuesday that the firm’s sale was close to being put on hold, partly due to differences on price.

Private equity funds and CVC were among the main contenders for the business; last September, Saudi Arabia’s Savola Group said it had appointed JP Morgan to advise on a potential purchase of a stake.

Americana is part of Kuwait’s Kharafi family business empire. Shares in other Kharafi firms also fell, such as National Investment Co, down 1.3 percent, and Markaz, down 1.8 percent.

Egypt’s bourse continued its broad rally and car assembler and distributor GB Auto was up its daily 10 percent limit for the third session in a row, after announcing plans to invest $1.5 billion in new factories and carry out a $134 million rights issue.