Gulf stock markets steady

Dubai : Most regional bourses were virtually flat yesterday with Saudi stock index falling 0.3 per cent in thin trade. National Shipping Co (Bahri) sank 5.6pc after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0m) from 487.1m riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs.

Al Yamamah Steel lost 4.9pc after reporting a quarterly profit of 17.2m riyals, down from 67.9m riyals, as sales fell steeply.

Saudi Arabia Fertilizers Co (SAFCO) dropped 2.8pc after quarterly profit shrank to 204.3m riyals from 302.3m riyals and sales declined. And home appliance distributor Shaker tumbled 6.4pc after swinging to a quarterly net loss as sales dropped sharply.

However, National Gas and Industrialization edged up 0.3pc after quarterly profit climbed to 37.8m riyals from 23.0m riyals. Dallah Healthcare rose 0.9pc after quarterly profit rose to 70m riyals from 54.1m riyals.

In Dubai, the index edged down 0.1pc as blue chip Emaar Properties slipped 0.4pc.

Telecommunications firm du rose only 0.5pc after reporting a quarterly net profit of 446.6m dirhams ($122m), almost unchanged from a year earlier but well above forecasts of 373.2m dirhams by SICO Bahrain and 409.3m 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 gaining 3.5pc and Dubai Islamic Insurance soaring 13.7pc.

Qatar’s index edged up 0.2pc as Qatar Gas Transport (Nakilat), the most active stock, fell 1.8pc after saying first-half profit dropped to 408.3m riyals ($112m) from 500.3m riyals, although revenue declined less sharply.