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MIDEAST STOCKS-Gulf mostly edges up in early trade, Arabtec stabilising in Dubai
February 15, 2017 / 7:35 AM / 10 months ago

MIDEAST STOCKS-Gulf mostly edges up in early trade, Arabtec stabilising in Dubai

DUBAI, Feb 15 (Reuters) - Most Gulf stock markets edged up in early trade on Wednesday with construction firm Arabtec beginning to stabilise in Dubai after a plunge this week.

Dubai’s index added 0.2 percent with Arabtec down 0.9 percent at 1.07 dirhams, bouncing from an early low of 0.97 dirham in very heavy trade.

It had plunged its 10 percent daily limit on the two previous days after the company reported a wider fourth-quarter loss and said its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue.

Emaar Properties climbed 1.3 percent after its fourth-quarter net profit came in at the high end of expectations; it reported a profit of 1.61 billion dirhams ($439 million), up from 1.03 billion dirhams in the same period of 2015, while revenues were up 16 percent.

SICO Bahrain had forecast Emaar would make a quarterly profit of 1.32 billion dirhams while EFG Hermes had forecast 1.64 billion dirhams. However, the profit was boosted by a write-back of a 301 million dirham provision taken a year earlier for the costs of a fire at an Emaar hotel.

Saudi Arabia’s index was flat although Saudi Arabian Fertilizer Co fell 0.7 percent after saying its board had proposed a cash dividend of 1 riyal per share for the second half of 2016, down from 3 riyals a year earlier.

Abu Dhabi’s index edged up 0.1 percent and Qatar gained by the same margin. Kuwait climbed 0.3 percent. (Reporting by Andrew Torchia; Editing by Toby Chopra)

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