MIDDLE EASTERN MARKETS:
- Saudi Arabia’s Tadawul All Share Index ends little changed
- Saudi Marketing 1Q Profit 4.26M Riyals Vs. 8.12M Riyals Y/y
- Dar Al Arkan 1Q Profit 28.5M Riyals Vs. 12.4M Riyals Y/y
- AlKhorayef 1Q Profit 26.9M Riyals
- Stock falls 5.4%, down most since March
- The Dubai Financial Market General Index climbs 1.3% to the highest level since Jan. 20
- Emaar Properties +2.7%; Dubai Islamic Bank +1.9%; Dubai Investments +3.1%
- CI Capital prefers Emaar Properties over its subsidiaries at current valuation as it offers “the most diversified exposure into all segments, including development, retail, and hospitality” as well as “the preferred play on the merger with Malls,” Sara Boutros and Marlene Milad write in a note
- In Abu Dhabi, the ADX General Index trades 0.4% higher, up to a fresh high
- First Abu Dhabi Bank +0.6%; Aldar +1.1%; Adnoc Distribution +1.9%
- Kuwait’s Premier Market ends 0.2% higher after falling for the past three sessions
- Agility Public Warehousing pushes index up most, rising 1.4%
- ElSewedy rises as much as 9.2% in Cairo, the second biggest gainer by points among members of the EGX 30
- Company managed to increase its backlog slightly to Q1, and its gross profit surged 56% in the period, Prime Group’s analyst Dina Abdelbadie writes in a note
- “Thus, gross profit margin improved to 15.2% from 11.1%, thanks to higher volumes and prices in the wire & cable segment and higher prices of meters and transformers,” Abdelbadie (overweight) says, adding that the broker is positive on the stock
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