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MIDEAST STOCKS-Saudi Electricity slumps, other shares mixed after Q4 results
January 18, 2017 / 8:36 AM / 9 months ago

MIDEAST STOCKS-Saudi Electricity slumps, other shares mixed after Q4 results

DUBAI, Jan 18 (Reuters) - Shares in Saudi Electricity Co (SEC) weighed on Saudi Arabia’s stock market on Wednesday morning after the company reported a wider net loss for the fourth quarter. Other results had a mixed impact on Saudi stocks.

SEC slumped 3.4 percent after posting a quarterly loss of 2.34 billion riyals ($624 million), much worse than NCB Capital’s forecast of a loss of 1.04 billion riyals. SEC cited higher energy prices and operating costs.

But Alinma Bank added 1.4 percent after it made 390 million riyals in the fourth quarter, a 1 percent rise, in line with analysts’ average forecast of 389 million riyals.

National Industrialization (Tasnee) rose 1.5 percent after swinging to a net profit of 123.4 million riyals in the fourth quarter from a net loss of 686.6 million riyals in the same period of 2015. Tasnee cited an increase in sales volume and a decrease in non-core operating expenses.

Advanced Petrochemical, however, lost 0.5 percent despite reporting a 43.8 percent jump in fourth-quarter net profit.

The largest medical insurer, BUPA Arabia, fell 0.8 percent after reporting a 7.6 percent decline in fourth-quarter net profit, citing an increase in net claims and lower gross written premiums.

Saudi United Cooperative Insurance lost 1.2 percent despite doubling its quarterly net income from a year ago, but United Cooperative Assurance jumped 5.7 percent after swinging to a net profit from a loss.

The main Saudi equities index was down 0.4 percent after an hour.

Dubai’s index retreated 0.5 percent on profit- taking in some of this year’s best-performing shares. Arabtec lost 1.4 percent and Islamic Arab Insurance fell 0.8 percent.

Qatar’s index, however, held near a five-month high. Masraf Al Rayan, which jumped 4.0 percent on Tuesday after saying its board had recommended a higher dividend for 2016 despite an 8 percent decline in fourth-quarter net profit, added a further 1.1 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia, Larry King)

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