MIDEAST STOCKS-Earnings lift Saudi to new five-yr high; regional shares gain | Reuters:
"Upbeat earnings in Saudi Arabia helped lift the market to a new five-year high on Wednesday, while other regional shares also gained.
Saudi Arabia's Etihad Etisalat (Mobily) rose 2.9 percent to 88.5 riyals and trading volumes jumped to their highest in three years after the firm beat analysts' forecasts with an 8.6 percent rise in fourth-quarter net profit.
The stock jumped to a seven-year intraday high of 90 riyals but failed to break resistance from 88.50 and 89 riyals - the peaks of November and August 2013 respectively.
Mobily cited the profit growth on increased revenue from corporate customers along with data income.
"We believe the corporate segment will provide the next phase of growth for Mobily with the segment expected to contribute 28 percent of total revenues by 2018," Abdulelah Babgi, analyst at NCB Capital, said in a note. "Moreover, Mobily expects the revenue from the data segment to continue growing and contribute 32 percent of the total revenues in 2014.""
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