Petrochemical shares helped buoy Riyadh's stock index on Thursday, but some domestic-focused shares fell after earnings missed estimates, while other Gulf stock markets ended the week on a high note ahead of quarterly results.
The Saudi petrochemical sub-index jumped 2.0 percent after Brent crude oil rallied overnight to hit a high of $46 a barrel. The overall Saudi stock index added 1.2 percent to 6,588 points, a 14-week closing high.
Rabigh Refining and Petrochemical Co (PetroRabigh) fell as much as 4.9 percent early on after the company reported a quarterly net loss of 32.7 million riyals ($8.7 million), versus a net profit of 205.4 million riyals a year earlier. But it closed 4.9 percent higher.
Retailing chain Fawaz Alhokair slumped by its 10.0 percent daily limit after the company reported a 98 percent drop in quarterly earnings, missing analysts' forecast by a wide margin.
Net profit came in at 3.17 million riyals; three analysts polled by Reuters had on average forecast Alhokair would make a quarterly profit of 160.16 million riyals.
Alhokair, which owns franchise rights for brands including Zara and Starbucks in the Middle East, said quarterly net profit from its domestic business was 92 million riyals, but its foreign operations made a loss of 89 million riyals.
NCB Capital said in a note that in addition to a 3.2 percent decline in total sales, the slump in Alhokair's net profit might be due to write-offs and foreign exchange losses. Multinational companies operating in Egypt in particular have been hit by the devaluation of the Egyptian pound.
Another consumer discretionary stock, Al Tayyar Travel Group, declined 0.6 percent after the tourism company posted a 32.2 percent fall in first-quarter net profit.
The company made a net profit of 194 million riyals but analysts at Aljazira Capital had expected the company to make 210.8 million riyals.
In Dubai the index added 1.1 percent to 3,584 points, a six-and-a-half-month closing high, boosted by real estate blue chips.
Emaar Properties, the largest listed developer which has yet to report quarterly earnings, added 3.8 percent. DAMAC Properties rose 1.8 percent. On Wednesday its shareholders approved the distribution of a cash dividend of 0.15 dirham per share for 2015, but the company has not yet released its quarterly financial results for this year.
Builder Arabtec, the most actively traded stock, erased early gains and fell 0.6 percent. The loss-making builder's chairman said on Wednesday it might break even in 2016 and should return to profit in the following year.
In Abu Dhabi, banks helped carry the index up 0.9 percent. Heavyweights Abu Dhabi Commercial Bank and National Bank of Abu Dhabi added 3.3 and 1.0 percent respectively.
In Cairo the main index fell 0.2 percent with Global Telecom Holding dropping 4.7 percent after the company announced in a bourse statement the pricing of a $1.2 billion bond. The bond will be issued by a wholly owned subsidiary of Global Telecom and guaranteed by Global Telecom's parent VimpelCom; proceeds will be used by Global Telecom to repay a shareholder loan from VimpelCom. A note by Naeem Brokerage said Global Telecom's effective savings through the refinancing were slightly below expectations.
Real estate firm Porto Group extended Wednesday's 8.3 percent loss and fell 3.0 percent.
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