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DUBAI: Most major stock markets in the Gulf rose on Thursday with ��������Ƶ’s index gaining strength from positive company-specific news, while shares of one of Egypt’s property developers dropped as its quarterly earnings missed estimates.
The Riyadh index added 0.7 percent as shares in all 12 listed banks rose, with Alawwal Bank adding 2.4 percent.
Atheeb Telecommunications climbed 2.5 percent to SR8.21 in its highest traded volume since June 2016 after it swung to a quarterly net profit of SR55.4 million ($14.8 million) from a loss of SR58.1 million a year ago.
But it closed well off its intra-day high of SR8.78. While some of the profit gain was due to higher revenues, most was due to the sale of communications towers, the company said.
Medical equipment seller and hospital operator Al Hammadi Co. for Development rose 1.6 percent to SR35.80 after reporting net income of SR25.7 million, up 24.8 percent from a year ago. NCB Capital had predicted SR26.7 million.
“Although the opening of Al Nuzha hospital is a key catalyst, we believe it is already priced in. The stock trades at a forward price-to-earnings ratio of 19.5 times versus its Saudi peer group average of 19.3 times,” NCB Capital said.
Saudi Steel Pipes gained 1.3 percent after one of its units won a SR250 million contract to manufacture pipes for oil giant Saudi Aramco.
Elsewhere, the Dubai index rose 0.3 percent with activity dominated by Union Properties, up 3.7 percent, and GFH Financial, up 2.8 percent.
In Egypt, shares of Sixth of October Development and Investment fell 1.1 percent to a four-month low after its second-quarter net income of 129.8 million Egyptian pounds ($7.3 million) missed analysts’ estimates.
Naeem Brokerage had forecast the company would make net income of 163 million pounds, but said the outlook for the second half of the year “seems positive” and maintained a “buy” rating on the stock. Egypt’s index fell 0.2 percent.