Most of Gulf stocks fall; investors await earning reports

dubai — Most oF tHE GulF ’s stoCk mArkEts rEtrEAtED on TuEsDAy As InvEstors lookED AHEAD to tHE firstquArtEr EArnInGs rEportInG sEAson, wHICH Is now stArtInG, wHIlE EGypt rosE.

THE SAuDI InDEx slIppED 0.2 pEr CEnt to 6,201 poInts But ClosED 45 poInts ABovE Its IntrA-DAy low. THE mAIn DrAG wAs tHE tElECommunICAtIons sECtor, wItH SAuDI TElECom (STC) DroppInG two pEr CEnt As It wEnt Ex-DIvIDEnD. AlBIlAD CApItAl sAID In A notE on MonDAy It ExpECtED STC’s first-quArtEr Bottom lInE to rIsE sEvEn pEr CEnt yEAr-onyEAr.

THE pEtroCHEmICAl sECtor Also pullED BACk, wItH SAuDI BAsIC InDustrIEs Down onE pEr CEnt. But ADvAnCED PEtroCHEmICAl, tHE first CompAny to IssuE first-quArtEr rEsults In tHE GulF, ClImBED onE pEr CEnt to SR40.40 AFtEr AnnounCInG A 62.9 pEr CEnt Jump In profit.

RIyADH-BAsED NCB CApItAl, wHICH Is “ovErwEIGHt” on tHE stoCk wItH A prICE tArGEt oF SR45.60, sAID In A notE on TuEsDAy tHAt ADvAnCED HAD slIGHtly BEAtEn ExpEC- tAtIons.

ADvAnCED Also rECommEnDED A DIvIDEnD pEr sHArE oF SR0.75 For tHE quArtEr, sAyInG tHAt “on An AnnuAlIsED BAsIs, It rEprEsEnts A totAl For tHE yEAr oF SR3, In lInE wItH our ExpECtAtIons AnD 2015 DIvIDEnDs”.

OtHEr GulF mArkEts Also FEll. In ABu DHABI, EtIsAlAt, tHE lArGEst lIstED stoCk, wAs tHE mAIn DrAG As tHE tElECommunICAtIons GIAnt trADED Ex-DIvIDEnD. THE stoCk prICE sHED tHrEE pEr CEnt AnD tHE InDEx FEll 1.7 pEr CEnt.

ABu DHABI CommErCIAl BAnk DroppED 2.8 pEr CEnt to DH6.50. In A notE By KuwAItI rEsEArCH firm GloBAl, AnAlysts rAtED tHE stoCk A “Buy” But Cut tHEIr prICE tArGEt to DH7.9 From DH9.66.

“THE stoCk Is morE FAvourABly posItIonED CompArED to Its pEErs In tErms oF Its rEturn on EquIty,” sAID tHE notE. GloBAl ForECAst A fivE pEr CEnt yEAr-on-yEAr Drop In 2016 EArnInGs For tHE BAnk, DrIvEn mAInly By A suBstAntIAl Jump In provIsIons DuE to A soFt EConomy AnD ADCB’s ExposurE to smAllEr firms. —