Stock markets in the Gulf ended mixed on Thursday ahead of more corporate earnings, with the Dubai index ending four sessions of losses.
Saudi Arabia’s benchmark index (.TASI) fell 0.2%, with Al Rajhi Bank (1120.SE) losing 1.4%.
In the previous session, the lender advanced 4.7%, after Al Rajhi reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024. The bank proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.
Alinma Bank (1150.SE) dropped 2.3% despite reporting a higher annual profit.
Dubai’s main share index (.DFMGI) added 0.5%, led by a 2.3% leap in blue-chip developer Emaar Properties (EMAR.DU).
Among other gainers, Dubai Financial Market (DFM.DU) gained 1.3%, ahead of its results.
In Abu Dhabi, the index (.FTFADGI) added 0.2%, with Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) climbing 3.7%, rising for a third consecutive session.
On Monday, ADCB reported a higher fourth-quarter net profit of 2.57 billion dirhams ($699.78 million), along with an annual dividend of 0.59 dirhams.
Additionally, the bank projected a doubling of net profits to 20 billion dirhams within five years.
In Qatar, the index (.QSI) eased 0.1%, hit by a 0.6% fall in Qatar National Bank (QNBK.QA) and a 1.9% slide in Qatar Gast Transport (Nakilat) (QGTS.QA).
Nakilat – the world’s largest shipper of liquefied natural gas – on Wednesday retreated 2.4% after proposing a lower annual dividend.
However, the firm recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago.
On the other hand, Mesaieed Petrochemical Holding Co (MPHC.QA) rose 1.9% ahead of the firm reporting its 2024 results.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.4%, with Talaat Moustafa Holding (TMGH.CA) gaining 0.9%.
($1 = 3.6726 UAE dirham)
($1 = 3.6453 Qatar riyals)
($1 = 3.7508 riyals)
Source: Reuters.com