Dubai: Saudi Arabian stocks extended their lacklustre performance in recent sessions weighed down by a number of subpar first-quarter earnings, while Dubai shares ended the day higher mainly as blue-chip property stocks continued to cheer the markets.
Saudi Arabia s benchmark index dropped 0.7 per to 10,252 points slipping for a fourth day in the last five sessions as the index underwent pressure from mixed corporate earnings and as a raging pandemic in parts of the world continued to cloud oil demand outlook in the short term.
Results paint stocks with red
Banking stocks led the losses with Arab National Bank shedding more than 1 per cent after the first-quarter profits shrank by around 10 per cent to SR582 million as the lender reported decreased net special commission income and increased allowances for expected credit losses. Assir Trading, Southern Province Cement and City Cement all underperformed after reporting subdued first-quarter results.
Dubai: Dubai and Abu Dhabi stocks headed upward in early trades as robust first-quarter earnings kept the momentum going for the markets, while Qatar Exchange pulled back after undergoing a wide selloff.
Dubai Financial Market eked out 0.4 per cent at 2,616 points with Air Arabia appreciating past 2 per cent after recently announcing plans to resume flights for a number of destinations. That marked a sign that the aviation sector was opening up as parts of the world began to recover from the pandemic on the back of vaccine rollouts, though some other parts of the world slipped into fresh more intensive waves of the virus.
Dubai: Saudi Arabian stocks headed lower with the banking stocks leading the losses after subdued first-quarter results from the sector. Dubai and Abu Dhabi stocks outperformed as the momentum created by the earnings goes on.
Saudi Arabia benchmark index inched down 0.5 per cent at 10,362 points. Riyad Bank retreated 2.8 per cent after the first-quarter profits shrank more than 8 per cent taking a hit from higher total operating expenses coupled with lower total operating income. Impairment charges on investments rose over 4 per cent, though the impairment allowances for credit losses dropped to SR249 million from SR303 million it took on, for the corresponding period last year.
Dubai and Abu Dhabi stocks traded in the red as the selloff continued of banking stocks despite fairly upbeat first quarter numbers. In Qatar, the index hardly changed changed with insurance and banking stocks pulling in opposite directions.
Dubai Financial Market slipped 0.7 per cent to 2,610 points, pulled lower by banking and real estate stocks. Union Properties, Deyaar Development and Emirates NBD headed downward, while Dubai Islamic Bank also slipped into the red after the first-quarter profits shrunk 23 per cent year-on-year to Dh853 million.
The lender attributed the lower profits to the one-off gains amounting to Dh1 billion for the same period last year. However, the net profit rebounded sharply from the fourth quarter, when it recorded Dh35 million on the bottom-line, and signifying a clearly improving trend.
Dubai: Dubai and Abu Dhabi stocks showed little upward movements with investors trading cautiously as the first-quarter earnings announcements are set to gather pace this week. Qatari stocks edged back ahead of the blue-chip results planned for later in the day.
Dubai Financial Market edged up 0.1 per cent at 2,629 points with property shares leading the advances. Deyaar Development and Emaar Properties moved upward in another upside rally after reporting massive numbers for the first quarter. Damac Properties, Emaar Development also joined in the bull run as investors bet their earnings too will follow in the footsteps of Emaar and Deyaar on the back of the sector returning to growth path.