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Etisalat drove the upsurge in Abu Dhabi stocks in early Thursday trades, with the telco wowing investors with its Dh2 billion plus net profit for first three months of 2021. In Dubai, real estate stocks reversed recent losses. Abu Dhabi Securities Exchange traded 0.1 per cent higher at 6,088 points, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Sharjah Islamic Bank benefitting from upbeat sector results. But the index received its biggest boost from Etisalat. It gained as much as 1.2 per cent at one point, but has since shed some of the momentum and is now up 0.2 per cent. The telco late on Wednesday reported an 8 per cent uptick in first-quarter bottom-line to Dh2.3 billion, mainly on the back of lower impairment losses of trade receivables and contract assets coupled with better contributions from associate companies. Profits were, however, squeezed a bit as operating expenses increased 4 per cent to Dh8.4 billion. ....
Saudi market underperformed after banking and petrochemical stocks came under selling pressure, snapping five days of gains, while in Dubai, ex-dividend was a factor behind the slipping into the red. The Saudi benchmark index tripped up by 1.1 per cent to 10,419 points. Al Rajhi Bank, Saudi National Bank and Riyad Bank headed lower with Saudi Aramco joining in the downside by shedding 1.1 per cent. The petrochemicals giant Saudi Basic Industries (Sabic) retreated 3 per cent despite reporting SR4.86 billion in first-quarter profits, a rebound from year-ago losses amounting to SR1.05 billion. Retailer and food company Savola Group traded 2.6 per cent lower after the first-quarter profits dipped 11 per cent to SR154 million owing to lower sales and margins in the retail sector. Profit contributions from associate companies also took a hit while operating costs and Zakat and tax expenses moved higher. ....
Gulf markets headed up with Abu Dhabi leading from the front, again taking their upbeat sentiments from global markets and encouraging economic news from the US. Saudi Arabia s benchmark index closed Tuesday 0.2 per cent higher at 9,989 points. Advanced Petrochemical jumped 4.2 per cent after its first-quarter profits soared by more than 64 per cent to SR171 million, while there was an 18 per cent rise in sales to SR632 million. The firm attributed the higher top- and bottom-line to a 36 per cent increase in polypropylene sales prices coupled with a surge in share of profit from an investment in South Korean venture SK Advanced. ....