EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Oil's rebound, earnings lift Gulf; SABIC up despite Q4 profit slide
Published in Ahram Online on 18 - 01 - 2015

Gulf stock markets rose on Sunday after companies published mostly positive quarterly earnings and oil prices extended gains. Saudi Arabia's biggest listed company gained despite poor earnings, a fresh sign that the market may have bottomed.
Oil ended last week higher after seven successive weeks of losses, with Brent slightly above $50 a barrel. A report by the International Energy Agency said there were signs that lower prices had begun to curb production in some areas, including North America.
Saudi Arabia's equities benchmark rose 0.9 percent and Saudi Basic Industries (SABIC) climbed 1.1 percent to 79.25 riyals after falling as much as 1.1 percent in the opening minutes.
SABIC, one of the world's largest petrochemicals groups, reported a 29 percent drop in fourth-quarter net income to 4.36 billion riyals ($1.16 billion), while analysts polled by Reuters had expected 5.50 billion riyals. SABIC chief executive Mohamed al-Mady said the outlook for 2015 depended on oil prices and remained unpredictable.
But by the end of last week, the stock had plunged 42.4 percent from its September peak of 136.00 riyals, and the market was already factoring in the possibility of earnings undershooting analysts' estimates. This suggests it would take a much bigger drop in oil prices to send the Saudi stock market back into a downtrend.
Shares in Alinma Bank added 0.7 percent after its fourth-quarter net profit rose 18.6 percent to 332 million riyals, coming well ahead of analysts' average estimate of 291 million riyals.
Construction firm Abdullah Abdul Mohsin al-Khodari and Sons surged 5.0 percent after it reported a five-fold increase in fourth-quarter net profit and announced its project pipeline had expanded. The earnings jump may indicate that the negative impact on companies of Saudi Arabia's labour market reforms is easing.
Aldrees Petroleum and Transport Services Co jumped 3.8 percent; the company's 2014 net profit met the forecast of EFG Hermes analysts and its board proposed a dividend of 2.0 riyals per share, higher than the broker's estimate of 1.5 riyals.
UAE, EGYPT
Dubai's bourse added 1.5 percent. Emirates NBD , Dubai's largest bank, jumped 2.2 percent in thin trade after it reported an 82 percent leap in fourth-quarter net profit, broadly in line with analysts' forecasts.
Another Dubai bank, Mashreq added 2.3 percent after reporting a 28 percent rise in fourth-quarter net profit, also in line with estimates.
Abu Dhabi's index climbed 1.7 percent as shares in National Bank of Abu Dhabi surged 4.2 percent. The bank is forecast to report a 20 percent rise in fourth-quarter profit, according to four analysts polled by Reuters.
Islamic lender Masraf Al Rayan and Industries Qatar, up 1.4 and 0.8 percent respectively, helped lift the Doha index 0.5 percent. Marsaf Al Rayan will report earnings next week and analysts expect its foruth-quarter profit to rise 18.4 percent.
Industries Qatar, the Gulf's second-largest petrochemicals firm, said on Thursday it was considering increasing production to use excess feedstock left by the cancellation of a joint project by Qatar Petroleum and Shell.
Egypt's index slipped 0.3 percent to 9,531 points after failing for a second straight day to break through major technical resistance at 9,572-79 points, the peaks in November and December.
However, shares in Ezz Steel jumped 2.1 percent after the firm said its board had approved a loan deal with several banks. It did not disclose the size or any other terms, but Egyptian newspaper Shorouk reported last week that Ezz Steel was seeking a 2 billion Egyptian pound ($278 million) loan, its biggest since 2011.
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