* Egypt's Palm Hills soars on Q4 earnings beat
* Two Egyptian food producers rise daily limits
* Dubai's DFM outperforms on Q4 profit leap
* Banks support Abu Dhabi
* Kuwait drops on profit-booking in heavy volume
By Celine Aswad
DUBAI, Feb 7 Strong corporate earnings in Egypt
and Dubai buoyed those markets on Tuesday, while Kuwait
continued pulling back on profit-taking after a bullish run last
Cairo's Palm Hills Development soared 9.2 percent
to 3.08 Egyptian pounds after it reported fourth-quarter
consolidated net profit after minority interests of 235 million
pounds ($12.7 million) versus 169 million pounds a year ago,
beating many analysts' estimates. Revenue rose to 2.00 billion
pounds, up 89 percent.
Analysts at Cairo's Naeem Brokerage said the company's top
line results were ahead of their estimates while rising real
estate prices and accelerated construction in recent years would
boost the bottom line in coming quarters.
Other shares in Egypt's blue chip index were also
robust with two food producers, Arabian Food Industries
and Juhayna Food Industries, jumping by
their 10 percent daily limits. The index rebounded 2.2 percent.
A trader at Cairo-based Beltone Securities, Wafik Dawood,
said funds were still looking for the best times to build
long-term positions. The index has jumped nearly 50 percent
since the Egyptian pound was floated on Nov. 3, although
turnover has been shrinking in the last two weeks.
Dubai Financial Market climbed 3.0 percent after it
made a net profit of 78.5 million dirhams ($21.4 million) in the
fourth quarter, five times what it made in the prior-year
period. Quarterly revenue increased to 131.2 million dirhams
from 69.3 million dirhams as the market's trading turnover
ballooned late last year, buoyed by a recovery of oil prices.
The Dubai index rose for a third consecutive
session and added 0.7 percent, although it briefly traded in
negative territory early in the day.
Amusement park operator DXB Entertainments, which
has not yet reported quarterly earnings, rose 1.8 percent. The
operator of Dubai's Legoland, Motiongate and Bollywood Parks
will report results for the first time since those facilities
Banking shares helped lift Abu Dhabi's index 0.5
percent. Union National Bank, which is expected to
release earnings on Thursday, jumped 3.5 percent.
KUWAIT, SAUDI UNDERPERFORM
Kuwait's index, which soared 19 percent in January,
dropped 1.8 percent on profit-taking in heavy trading volume. It
is now down 5.2 percent since Jan. 30.
Many fund managers believe valuations no longer support
sharp rises from current levels. The blue chip Boursa Kuwait 15
index is trading at about 15 times trailing earnings, at
the high end of the region's range, according to Reuters data.
In Saudi Arabia, the index dipped 0.3 percent with
decliners outnumbering gainers 93 to 61. Middle East Healthcare
declined 1.4 percent after saying a subsidiary would
start commercial operations at a new hospital in the city of
Hail next week. It predicted the hospital would incur an
operating loss of 7.5 million riyals ($2 million) for 2017.
* The index fell 0.3 percent to 7,039 points.
* The index climbed 0.7 percent to 3,719 points.
* The index rose 0.5 percent to 4,545 points.
* The index fell 0.2 percent to 10,585 points.
* The index rose 2.2 percent to 13,129 points.
* The index fell 1.8 percent to 6,583 points.
* The index edged up 0.2 percent to 5,825 points.
* The index added 0.7 percent to 1,310 points.
(Editing by Andrew Torchia)