Stock markets in the Gulf ended mixed on Tuesday, with Aramco's quarterly earnings lifting the Saudi index, while lower oil prices weighed on the sentiment.
Saudi Arabia's benchmark index (.TASI) rose 0.4%, buoyed by a 3.2% jump in oil behemoth Saudi Aramco (2222.SE) after its first-quarter earnings beat market expectations, despite falling 19% over last year.
Net profit was 3.75% higher than in the fourth quarter, and the company said it would pay $19.5 billion in dividends for the first quarter.
Aramco was looking at introducing performance-linked dividends, in addition to its base distribution, CEO Amin Nasser said in a statement.
Among other gainers, National Shipping Company of Saudi Arabia (4030.SE) advanced 2.6%, after reporting a steep rise in its quarterly profit.
Dubai's main share index (.DFMGI) fell 0.3%, hit by a 1.8% fall in Emirates Central Cooling Systems Corporation (EMPOWER.DU), while Aramex (ARMX.DU) slid 4.6% as the logistics firm is slated to report its first-quarter earnings.
In Abu Dhabi, the index (.FTFADGI) finished flat.
The Abu Dhabi bourse saw more downward pressures with some companies missing earnings estimates and oil prices returning to the downside, said Farah Mourad, senior market analyst at XTB MENA.
Oil prices — a key catalyst for the Gulf's financial markets — fell, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures, which will be key to the Federal Reserve's next interest rate decision.
The Qatari index (.QSI) reversed early losses to close 0.3% higher, with Islamic lender Masraf Al Rayan (MARK.QA) advancing 3.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.8%, as most of its constituents were in the negative territory, including top lender Commercial International Bank (COMI.CA), which was down 2.1%.
According to Mourad, the Egyptian bourse continued to see a strong selling trend from international investors as sentiment remains cautious.
"At the same time, local investors continue to support the market but the main index could find some resistance near its last peak."
No comments:
Post a Comment