DUBAI, Aug 3 (Reuters) - Stock markets in the Gulf may trade in a narrow range on Thursday after crude oil prices regained some positive ground overnight while strong quarterly results from a Saudi supermarket chain may help boost its shares.
On Wednesday, Brent contracts rose 1.1 percent, climbing back over $52 a barrel overnight. Although they weakened slightly early on Thursday, they were trading at $52.17 at 0546 GMT.
In Saudi Arabia shares of supermarket owner Al Othaim Markets may rise as its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals.
The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces.
Shares of Wataniya Insurance may get a boost after it reported an 81.1 percent on-year rise in second-quarter net profit to 7.68 million riyals.
Medical equipment and hospital operators Al Hammadi , which has a market value of 4.51 billion riyals ($1.20 billion) as of Wednesday's close, said it has entered preliminary discussions to study the "possibility of merger" with its smaller-sized peer National Medical Care .
Details of the potential merger were not disclosed.
Abu Dhabi's largest listed developer, Aldar Properties , reported a 5.6 percent drop in second-quarter profit to 620 million dirhams ($169 million) amid a double-digit drop in revenue.
SICO Bahrain and EFG Hermes had forecast a quarterly profit of 631.72 million dirhams and 600 million dirhams respectively for Aldar. ($1 = 3.7501 riyals)
(Reporting by Celine Aswad; Editing by Sunil Nair) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
On Wednesday, Brent contracts
In Saudi Arabia shares of supermarket owner Al Othaim Markets
The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces.
Shares of Wataniya Insurance
Medical equipment and hospital operators Al Hammadi
Details of the potential merger were not disclosed.
Abu Dhabi's largest listed developer, Aldar Properties
SICO Bahrain and EFG Hermes had forecast a quarterly profit of 631.72 million dirhams and 600 million dirhams respectively for Aldar. ($1 = 3.7501 riyals)
(Reporting by Celine Aswad; Editing by Sunil Nair) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))