(Bloomberg) — Equity markets in the Middle East were mixed as investors reacted to earnings reports throughout the region.
The benchmark in Qatar led losses as it fell 1%, with 75% of its members declining. Gauges in Saudi Arabia, Bahrain, Kuwait and Egypt also finished lower, while those in Dubai, Abu Dhabi, Oman and Israel were higher.
In Dubai, construction company Arabtec Holding PJSC dropped as much as 8.6% after reporting a loss of 774 million dirhams ($211 million) for 2019, versus profit of 256 million dirhams the previous year. The company said that the slowing real estate sector resulted in limited new awards.
Earnings disclosed by Dubai real estate companies have been “soft” and provisioning within banks in the emirate are increasing, said Aarthi Chandrasekaran, a portfolio manager at Shuaa Capital. “The GCC banking sector outlook is a bit challenging for the near-term.”
In Riyadh, Saudi Aramco extended losses to a fifth consecutive session to end at 32.80 riyals, nearing the price the shares were sold in the world’s biggest offering last year. The oil giant plans to hold an earnings call for its first financial results as a listed entity on March 16.
MIDDLE EASTERN MARKETS:
- Qatar’s QE Index falls to the lowest level since Aug. 15
- It’s 14-day relative strength index trades below a level seen as indicating it is oversold for the fourth day
- Stocks pressuring the most: Industries Qatar -2.7%; Qatar National Bank -0.9%; Mesaieed Petrochemial -4%; Commercial Bank of Qatar -1.6%
- More earnings:
- Arabtec (ARTC UH) Full Year Loss 774.5m Dirhams vs 256.3m Profit
- RAK Properties (RAKPROP UH) Full Year Profit 100.7m Dirhams, -33% y/y
- Shuaa (SHUAA UH) 4Q Profit 73m Dirhams vs 29.3m Loss
- Ooredoo Qatar (ORDS QD) Full Year Profit 1.73b Riyals vs 1.57b, Est. 1.44b
- Aluminium Bahrain (ALBH BI) Full Year Profit 5.38m dinars, -91% y/y, Est. 5.6m
- Gulf Navigation (GULFNAV UH) Full Year Loss 327m Dirhams vs 39.9m Loss
- Union Properties (UPP UH) Full Year Loss 218.8m Dirhams vs 62.3m Profit
- Amlak Finance (AMLAK UH) Full Year Loss 152m Dirhams vs 272m Loss
- Amanat Holdings (AMANAT UH) Full Year Net Income 60m Dirhams, +40% Y/
