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    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    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    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    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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UAE Markets Falls After Mixed Earnings; Saudi Extends Fall
Published in Amwal Al Ghad on 30 - 10 - 2013

Mixed earnings in UAE triggered marginal profit-taking on Tuesday while Saudi Arabia's bourse declined for a third consecutive session after its largest-listed firm reported earnings that disappointed investors.
Abu Dhabi's telecom operator Etisalat weighed on the bourse and dampened sentiment after it reported an 18 percent drop in third-quarter profit and fell short of analysts' forecast.
Large-cap First Gulf Bank fell 1.5 percent after reporting earnings that matched estimates.
Abu Dhabi's measure slipped 0.7 percent, but it lacks direction as it remains in a 100-point range for the last four weeks.
The sentiment spilled over to Dubai, where the benchmark dipped 0.8 percent, down for a second session since Sunday's five-year high. But daily trading volumes were the lowest in three weeks.
"Technically, the market should correct but it is very solid because there isn't heavy selling pressure in a bearish trend," said Mohab Maher, senior sales trader at Mubasher. "Most investors are holding their shares until the Expo announcement."
Expectations are high that Dubai will win its bid to host the World Expo 2020. The results are set to be revealed on Nov. 27.
Investors are selling some shares in firms that have reported results, despite earnings surprising on the upside.
Emaar Properties lost 1.1 percent and Deyaar Development retreated 1.2 percent. The latter on Monday posted a surge in earnings.
In Saudi Arabia, retail sector shares extend losses as investors booked gains after an earnings disappointment.
Fawaz Abdulaziz Alhokair tumbled 7.4 percent to a seven-week low in its third straight loss. The retailer on Monday posted an 11.8 percent rise in second-quarter profit but fell moderately short of estimates.
Investors had favoured the stock because of its sharp growth in earnings, so the miss triggered heavy selling. It is still up 80.3 percent year-to-date.
"This is a normal reaction and profit-taking in stocks that went up more than 20 percent this year," said Abdullah Alawi, assistant general manager and head of research at Aljazira Capital.
"We're still in a long-term uptrend - after some selling, prices will stabilise. The retail sector has proved profitable and remains strong fundamentally."
Profit-taking spread across other sectors with banks and petrochemical shares weighing.
Al Rajhi Bank fell 2 percent to hit a four-month low. Earlier this month, the region's second largest lender by market capitalisation posted a drop in quarterly profit and widely missed analysts' forecasts.
Saudi Basic Industries Corp (SABIC) lost 2.2 percent. The kingdom's main stock index fell 1.1 percent, its third consecutive loss since last Thursday's two-month high.
In Qatar, the market picked up as other regional markets declined. Heavyweights gained with Qatar National Bank and Industries Qatar up 1.8 and 1.1 percent respectively.
The index rose 0.9 percent, up for a second session in last seven.
TUESDAY'S HIGHLIGHTS
ABU DHABI
* The index retreated 0.7 percent to 3,857 points.
DUBAI
* The index fell 0.8 percent to 2,888 points.
SAUDI ARABIA
* The index declined 1.1 percent to 7,973 points.
QATAR
* The index rose 0.9 percent to 9,733 points.
EGYPT
* The index gained 0.4 percent to 6,095 points.
KUWAIT
* The index climbed 0.2 percent to 7,955 points.
OMAN
* The index edged up 0.1 percent to 6,656 points.
BAHRAIN
* The index advanced 0.1 percent to 1,199 points.
Source: Reuters


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