Saudi petchems fall in weak region

Dubai : Middle Eastern stock markets mostly fell yesterday, with Saudi Arabian petrochemical shares hit particularly hard, in response to a drop by global bourses at the end of last week.

The Saudi index slipped 0.3 per cent as Saudi Basic Industries, the biggest petrochemical firm, slid 0.6pc and Sahara Petrochemicals, the worst performer, dropped 5.1pc as it went ex-dividend.

Yanbu National Petrochemicals was down 2.1pc after announcing a net profit of 630.6 million riyals ($168 million) in the first quarter, 3.7pc higher year-on-year. Analysts surveyed by Reuters had forecast on average a 750 million riyal profit.

Miner Ma’aden, which had surged 6.1pc on Thursday because of soaring international aluminium prices, fell back 0.5pc.

But Al Sagr Cooperative Insurance climbed 2pc, rising sharply for a second straight day after saying it would discuss a possible merger with Wala’a Cooperative Insurance, which edged up 0.6pc.

Dubai’s index slipped 0.1pc as blue chip Emaar Properties dropped 0.7pc to 5.60 dirhams, returning near a two-year low of 5.52 dirhams hit earlier this month.

Investment company Amanat Holdings, the best performer in Dubai, rose 2.9pc. At a general meeting yesterday, shareholders were expected to approve the distribution of 1.5pc in cash dividends for 2017.

Abu Dhabi National Energy Co (TAQA) was up 3.4pc and was the most heavily traded stock in that market, continuing a sharp uptrend that began in March and based partly on strong oil prices. The stock has soared more than 50pc since the end of March.

In Qatar, Doha Bank lost 0.7pc despite reporting yesterday 382 million riyals ($105 million) in first- quarter net profit, a 4.7pc increase year-on-year, and beating the estimates of three analysts polled by Reuters who forecast 348 million riyals on average. The Qatar index closed 0.5pc down.

Egypt’s index climbed 0.7pc as investment firm Qalaa Holdings soared 9.7pc to a three-year high of 2.71 Egyptian pounds, rising above the March peak of 2.60 pounds. Early this month Pharos Research calculated a fair value of 3.00 pounds for the stock, which has been rising partly in anticipation of the planned trial start-up of its oil refinery this year.