Mideast Stocks: Major Gulf markets end mixed as petchems boost Qatar

Industries Qatar extends gains on Q1 earnings

  
Traders look at share prices on their monitors at the Doha Stock Exchange in Doha, Qatar June 3, 2015.

Traders look at share prices on their monitors at the Doha Stock Exchange in Doha, Qatar June 3, 2015.

REUTERS/Naseem Zeitoon

Major stock markets in the Gulf closed mixed on Tuesday, with petrochemical shares boosting the Qatari index.

In Qatar, the benchmark rose 0.6%, led by a 2.9% increase in Industries Qatar, extending gains from the previous session when the petrochemical maker reported a higher net profit for the quarter ended March 31. 

Mesaieed Petrochemical jumped 4.2%, ahead of its first-quarter earnings announcement.

Saudi Arabia's benchmark index finished 0.4% higher, with Dr Sulaiman Al-Habib Medical Services advancing 3.6% and Saudi National Bank (SNB) rising 1.3%.

SNB, the kingdom's largest lender, posted a 20.3% rise in first-quarter net profit on Monday with lower impairments and higher fees, in a sign that the economy has been recovering from last year's pandemic lockdowns. 

Saudi Arabia said on Tuesday it had intercepted an explosive-laden boat off the Red Sea port of Yanbu after maritime security firms cited "unconfirmed reports" of an attack on a vessel in the area. 

In Dubai, the main share index fell 0.6%, hit by a 1.3% fall in blue-chip developer Emaar Properties and a 1.1% decrease in sharia-compliant lender Dubai Islamic Bank.

Among others, Islamic Arab Insurance dived some 10%, its biggest intraday fall since March last year, as the insurer went ex-dividend.

The Abu Dhabi index lost 0.4%, with telecoms giant Etisalat sliding 1.3%, while Abu Dhabi Commercial Bank (ADCB) retreated 1%.

ADCB, the United Arab Emirates' third-biggest lender, gained over 2% on Monday a day after it reported soaring profit as it recovers from impairments linked to troubled hospital operator NMC Health. 

However, the index saw some support from Emirates Driving Company DRIVE.AD , which soared 9.4% after the firm announced establishment of a new branch with an investment of about 22 million dirhams ($5.99 million). 

Outside the Gulf, Egypt's blue-chip index rebounded 0.4%, with top lender Commercial International Bank rising 1.5%.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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