DUBAI, July 25 (Reuters) - Poor corporate earnings, due in part to Saudi Arabia's austerity policies and sluggish economic growth, weighed on the Saudi stock market on Tuesday as most regional bourses were virtually flat.
The Saudi stock index
.TASI
fell 0.3 percent in thin trade. National Shipping Co (Bahri)
4030.SE
sank 5.6 percent after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs.
Al Yamamah Steel
1304.SE
lost 4.9 percent after reporting a quarterly profit of 17.2 million riyals, down from 67.9 million riyals, as sales fell steeply.
Saudi Arabia Fertilizers Co (SAFCO)
2020.SE
dropped 2.8 percent after quarterly profit shrank to 204.3 million riyals from 302.3 million riyals and sales declined. And home appliance distributor Shaker
1214.SE
tumbled 6.4 percent after swinging to a quarterly net loss as sales dropped sharply.
However, National Gas and Industrialization
2080.SE
edged up 0.3 percent after quarterly profit climbed to 37.8 million riyals from 23.0 million riyals. Dallah Healthcare
4004.SE
rose 0.9 percent after quarterly profit rose to 70 million riyals from 54.1 million riyals.
In Dubai, the index
.DFMGI
edged down 0.1 percent as blue chip Emaar Properties
EMAR.DU
slipped 0.4 percent.
Telecommunications firm du
DU.DU
rose only 0.5 percent after reporting a quarterly net profit of 446.6 million dirhams ($122 million), almost unchanged from a year earlier but well above forecasts of 373.2 million dirhams by SICO Bahrain and 409.3 million dirhams by EFG Hermes.
The results ended a major earnings slump; du had reported declining year-on-year profits in the preceding 10 quarters. Revenues rose from a year ago and the first-half dividend stayed the same.
Unusually, the two most heavily traded stocks were Islamic insurers, with Islamic Arab Insurance
SALAMA.DU
gaining 3.5 percent and Dubai Islamic Insurance
AMAN.DU
soaring 13.7 percent.
Qatar's index
.QSI
edged up 0.2 percent as Qatar Gas Transport (Nakilat)
QGTS.QA
, the most active stock, fell 1.8 percent after saying first-half profit dropped to 408.3 million riyals ($112 million) from 500.3 million riyals, although revenue declined less sharply.
Al Meera Consumer Goods
MERS.QA
, which has not yet released quarterly earnings, jumped 5.8 percent in its heaviest trading volume since November 2014.
HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
fell 0.3 percent to 7,228 points.
DUBAI
* The index
.DFMGI
edged down 0.1 percent to 3,595 points.
ABU DHABI
* The index
.ADI
edged up 0.04 percent to 4,542 points.
QATAR
* The index
.QSI
edged up 0.2 percent to 9,595 points.
EGYPT
* The index
.EGX30
edged down 0.1 percent to 13,740 points.
KUWAIT
* The index
.KWSE
rose 0.2 percent to 6,833 points.
BAHRAIN
* The index
.BAX
climbed 0.5 percent to 1,335 points.
OMAN
* The index
.MSI
edged up 0.1 percent to 4,998 points.
(Reporting by Andrew Torchia; Editing by Susan Fenton) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
