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Saudi stock index dips on weak Q2

Saudi stock index dips on weak Q2

JEDDAH: Saudi Arabia’s stock market index recorded its sixth straight session of declines on the back of weak second-quarter corporate earnings, but Dubai outperformed a weaker region as bluechips rose. The Saudi stock benchmark Tadawul All Share Index slipped 0.3 percent to 7,094 points as shares of milk and yoghurt maker Saudi Dairy Foodstuff Co fell 1.3 percent after it reported a 5.2 percent drop in second quarter net profit. Its peer Aljouf Agricultural Development dropped 4.8 percent after its second-quarter net income shrunk by two-thirds on the year. Saudi builder Khodari swung 1.7 percent higher in the final hour of trade, having spent most of the session in the red. It reported a second-quarter net loss of 25.02 million riyals ($6.7 million), wider than EFG Hermes’ estimate of 14.40 million riyals. Quarterly revenue was half that of the year-earlier quarter, the company said.

Saudi Re for Cooperative Reinsurance rose 1.1 percent after its net income in the second quarter expanded 50.6 percent. Saudi Paper Manufacturing gained 1.5 percent after it reported a narrower loss. Elsewhere, Qatar’s index, which lost 1.0 percent on Sunday, fell a further 0.7 percent as 20 shares declined, including the top three most valuable companies. Nineteen other shares advanced as local and foreign funds were net buyers, bourse data showed.

In Abu Dhabi the large cap stocks were also the main drag on the index, which fell 0.2 percent; First Abu Dhabi Bank declined 0.5 percent. Bluechips were more upbeat in Dubai, with the largest listed developer Emaar Properties adding 1.1 percent, helping take the index 0.7 percent higher. The Gulf’s only listed courier Aramex rose 0.8 percent after reporting a second-quarter net income of 97 million dirhams, broadly in line with analysts’ expectation. Dubai Investments lost 0.4 percent after reporting a 12.6 percent drop in second-quarter net profit. Kuwait index gained 0.8 percent to 6,852 points, while Bahrain index lost 0.3 percent to 1,328 points. Oman index fell 0.8 percent 5,024 points. Meanwhile, Egypt index lost 0.5 percent to 13,419 points.