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Tuesday, 7 February 2017

MIDEAST STOCKS-Corporate earnings boost Egypt, Dubai; Kuwait's pull-back deepens | Reuters

MIDEAST STOCKS-Corporate earnings boost Egypt, Dubai; Kuwait's pull-back deepens | Reuters:

"Strong corporate earnings in Egypt and Dubai buoyed those markets on Tuesday, while Kuwait continued pulling back on profit-taking after a bullish run last month. Cairo's Palm Hills Development soared 9.2 percent to 3.08 Egyptian pounds after it reported fourth-quarter consolidated net profit after minority interests of 235 million pounds ($12.7 million) versus 169 million pounds a year ago, beating many analysts' estimates. Revenue rose to 2.00 billion pounds, up 89 percent. Analysts at Cairo's Naeem Brokerage said the company's top line results were ahead of their estimates while rising real estate prices and accelerated construction in recent years would boost the bottom line in coming quarters."



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