DUBAI, Feb 15 (Reuters) - Most Gulf stock markets rose on Wednesday on the back of strong global equity prices, while Egypt's bourse continued to pull back on profit-taking, breaking technical support.
The Saudi index
.TASI
added 0.6 percent as real estate developer Dar Al Arkan
4300.SE
, the most heavily traded stock, climbed 2.5 percent. Utility Saudi Electric
5110.SE
rose 2.7 percent.
Saudi Arabian Fertilizer Co
2020.SE
rose 1.1 percent despite saying its board had proposed a cash dividend of 1 riyal per share for the second half of 2016, down from 3 riyals a year earlier.
Dubai's index
.DFMGI
fell 0.2 percent as builder Arabtec
ARTC.DU
, the most heavily traded stock, closed 5.6 percent lower at 1.02 dirhams. However, the stock bounced from an early low of 0.97 dirham.
It had plunged below its 10 percent daily limit on the two previous days after the company reported a wider fourth-quarter loss and said its board was seeking shareholder approval for a 1.5 billion dirham rights issue.
Emaar Properties
EMAR.DU
closed 0.3 percent higher, well off its intra-day high, after its fourth-quarter net profit came in at the high end of expectations. It reported a profit of 1.61 billion dirhams, up from 1.03 billion in the same period of 2015, while revenues were up 16 percent.
SICO Bahrain had forecast Emaar would make a quarterly profit of 1.32 billion dirhams while EFG Hermes had forecast 1.64 billion. But the profit was boosted by a write-back of a 301 million provision taken a year before for the costs of a fire at an Emaar hotel.
Dubai Financial Market
DFM.DU
, which has been strong in unusually high volume for the past few days, jumped 4.1 percent.
In neighbouring Abu Dhabi, the index
.ADI
climbed 0.5 percent because of strength in National Bank of Abu Dhabi
NBAD.AD
, which rose 2.5 percent, and First Gulf Bank
FGB.AD
, which gained 2.3 percent. The two banks will merge on April 1.
Abu Dhabi Islamic Bank
ADIB.AD
fell 0.8 percent after posting a 4.7-percent fall in fourth quarter profit, which was in line with a forecast by EFG Hermes.
The Egyptian index
.EGX30
fell 0.4 percent to 12,448 points, confirming a break below technical support at its early February low of 12,578 points. This triggered a double top formed by the highs of January and February and pointing down to about 11,500 points.
The economic picture appears to be improving in Egypt, with yields falling as foreign portfolio investors return to Egyptian fixed income, but fund managers said the market was vulnerable to profit-taking after its bull run since November.
Egyptian Chemical Industries
EGCH.CA
jumped 7.6 percent after saying its capital increase had been 87.63 percent subscribed.
WEDNESDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
added 0.6 percent to 7,074 points.
DUBAI
* The index
.DFMGI
fell 0.2 percent to 3,645 points.
ABU DHABI
* The index
.ADI
added 0.5 percent to 4,597 points.
QATAR
* The index
.QSI
rose 0.6 percent to 10,732 points.
EGYPT
* The index
.EGX30
fell 0.5 percent to 12,445 points.
KUWAIT
* The index
.KSWE
gained 0.9 percent to 6,815 points.
OMAN
* The index
.MSI
rose 0.2 percent to 5,831 points.
BAHRAIN
* The index
.BAX
climbed 1.0 percent to 1,322 points. (Editing by Louise Ireland) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
