Saudi petchems stocks lose most

Middle Eastern stock markets mostly fell yesterday, with Saudi Arabian petrochemical shares hit particularly hard, in response to a drop by global bourses at the end of last week.

The Saudi index slipped 0.3 per cent as Saudi Basic Industries, the biggest petchems firm, slid 0.6 per cent and Sahara Petrochemicals, the worst performer, dropped 5.1 per cent as it went ex-dividend.

Yanbu National Petrochemicals was down 2.1 per cent after announcing a net profit of 630.6 million Saudi riyals in the first quarter, 3.7 per cent higher year-on-year. Analysts surveyed by Reuters had forecast on average a 750m riyals profit.

Miner Ma’aden, which had surged 6.1 per cent last Thursday because of soaring international aluminium prices, fell back 0.5 per cent. But Al Sagr Cooperative Insurance climbed 2 per cent, rising sharply for a second straight day.

Dubai’s index slipped 0.1 per cent as blue-chip Emaar Properties dropped 0.7 per cent to Dh5.6, returning near a twoyear low of Dh5.52 hit earlier this month. Investment company Amanat Holdings, the best performer in Dubai, rose 2.9 per cent.

At a general meeting yesterday, shareholders were expected to approve the distribution of 1.5 per cent in cash dividends for 2017.

Abu Dhabi National Energy Co (Taqa) was up 3.4 per cent and was the most heavily traded stock in that market, continuing a sharp uptrend that began in March and based partly on strong oil prices. The stock has soared more than 50 per cent since the end of March.

In Qatar, Doha Bank lost 0.7 per cent despite reporting yesterday 382m riyals in first quarter net profit, a 4.7 per cent increase year-on-year, and beating the estimates of three analysts polled by Reuters who forecast 348m riyals on average. The Qatar index closed 0.5 per cent down.

Egypt’s index climbed 0.7 per cent as investment firm Qalaa Holdings soared 9.7 per cent to a three-year high of 2.71 Egyptian pounds, rising above the March peak of 2.60 pounds. Early this month Pharos Research calculated a fair value of 3 pounds for the stock, which has been rising partly in anticipation of the planned trial start-up of its oil refinery this year.