Gulf stock markets diverged on Thursday after a mixed set of fourth-quarter earnings, while Egypt's bourse slowed its advance following three very strong sessions. Saudi Arabia's index fell 1.1 percent and Al Rajhi Bank was the main drag, tumbling 4.9 percent after the lender's fourth-quarter profit missed analysts' estimates. Net profit slipped 1.8 percent to 1.52 billion riyals ($405 million); analysts had expected 1.70 billion riyals.
Saudi Arabia's second-largest listed lender also said its board was recommending a 0.75 riyal per share cash dividend for the second half of 2014, down from the 1 riyal per share which the bank paid for the second half of 2013.
Shares in the kingdom's largest lender, National Commercial Bank, fell 1.5 percent after it reported a net profit of 1.83 billion riyals for the fourth quarter, below analysts' average forecast of 1.94 billion riyals.
Meanwhile, Wednesday's rebound in oil prices, which lifted them above $48 per barrel, supported the petrochemicals sector, whose index was flat in the otherwise weak market. Industry leader Saudi Basic Industries climbed 1.6 percent.
Dubai's stock index added 0.8 percent as most stocks in the emirate rose. Builder Arabtec was the most traded stock and edged up 0.3 percent ahead of a board meeting scheduled later on Thursday that was due discuss the company's projects.
Abu Dhabi's benchmark edged down 0.6 percent as most banks pulled back. National Bank of Abu Dhabi dropped 5.4 percent and Abu Dhabi Commercial Bank lost 1.8 percent.
Qatar slipped 0.1 percent as its two biggest stocks, Industries Qatar and Qatar National Bank lost 0.8 and 0.7 percent respectively. Industries Qatar lost 17.6 percent this week after proposing a dividend cut last Thursday, while QNB's fourth-quarter earnings, reported on Tuesday, came slightly short of analysts' forecasts.
Oman's index added 1.3 percent, largely on the back of banks. National Bank of Oman surged 5.0 percent after its fourth-quarter earnings beat analysts' estimates; the lender earned 13.2 million rials ($34.3 million) in the fourth quarter while two analysts polled by Reuters had forecast 10.8 million and 12.7 million rials.
Bank Dhofar surged 4.7 percent after it also beat forecasts with a 9.2 percent rise in fourth-quarter net profit. Dhofar lender made 10.2 million rials in the quarter, while analysts had expected 9.43 million rials and 9.66 million rials.
Even Bank Muscat, whose quarterly profit missed analysts' estimates, gained 4.7 percent.
"Operating income nearly matched our forecast while the higher-than-expected provisioning drove the net profit miss," NBK Capital said of Bank Muscat's results. "On the other hand, the strong loan growth was a positive surprise."
Egypt's bourse inched up 0.1 percent to 9,556 points after adding more than 2 percent each day for three days in a row. It is just below major technical resistance at 9,572-79 points, the peaks in November and December.
Commercial International Bank, the country's biggest listed lender, was the main drag, pulling back 2.3 percent. The stock had risen 6.8 percent earlier this week.
DUBAI: The index rose 0.8 percent to 3,843 points.
ABU DHABI: The index edged down 0.6 percent to 4,481 points.
SAUDI ARABIA: The index fell 1.1 percent to 8,459 points.
QATAR: The index slipped 0.1 percent to 11,863 points.
EGYPT: The index edged up 0.1 percent to 9,556 points.
KUWAIT: The index added 0.2 percent to 6,599 points.
OMAN: The index rose 1.3 percent to 6,519 points.
BAHRAIN: The index edged up 0.2 percent 1,428 points.
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