Stocks mixed as Iran ripples continue

Arabian Gulf stocks were mixed on Thursday as the ramifications of the US decision to leave the Iran nuclear pact caused ripples.

In Abu Dhabi, the ADX slid 1.1 per cent to 4,437.8 as Abu Dhabi National Energy shed 2.3 per cent despite posting a 43 per cent rise in first-quarter profit, boosted by higher crude oil prices.

In Dubai, the DFM edged down 0.2 per cent to 2,881.8 points, with losers including Emaar, down 0.9 per cent and DIB, which fell 1.6 per cent.

Gainers included Arabtec, which reported net profit attributable to the owners of the company more than tripled for the first three months of the year to Dh63.6 million from the year earlier period. It closing up 8.7 per cent. GFH was up 4.2 per cent and DSI rose 4.7 per cent.

In Saudi Arabia, the Tadawul closed up 0.4 per cent to 7,914.27, with Saudi Real Estate putting on 10 per cent and Nama Chemicals rising 9.5 per cent after saying it had swung to a 28.2m Saudi riyals profit in the first quarter from a year-earlier loss.

Fallers included Saudi Company for Hardware, down 9.6 per cent and Savola Group, which shed 4.1 per cent after it swung to a loss in the first quarter, hit by lower sales in the food and retail sectors and a higher share of losses at an associate.

In Egypt, the index sank 1.8 per cent as Commercial International Bank, the biggest bank, dropped 3.3 per cent.

It reported a 17 per cent rise in first-quarter consolidated net profit after minority interests, but that was slightly lower than its 21 per cent profit rise in the fourth quarter and 23 per cent in the third quarter.

Kuwait’s index rose 0.2 per cent to 4,797 points, while Bahrain’s edged down 0.02 per cent to 1,271 points.

In Oman, the index edged up 0.1 per cent to 4,682 points.

Oil prices reached fresh threeand-a-half-year highs on Thursday, before profit taking took hold, amid expectations that US President Donald Trump’s decision to tear up the Iran nuclear deal would lead to tighter crude supplies. Brent North Sea oil slid to 18 cents at $77.03 per barrel while West Texas Intermediate was up three cents at $71.17.

On other markets Thursday, the British pound slid after the Bank of England held its key interest rate at 0.50 per cent and slashed the growth forecast for the British economy less than one year before Brexit.