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MIDEAST STOCKS-Dubai technically bullish, Saudi Kayan beats earnings expectations
July 18, 2017 / 5:55 AM / a month ago

MIDEAST STOCKS-Dubai technically bullish, Saudi Kayan beats earnings expectations

3 Min Read

DUBAI, July 18 (Reuters) - Most Gulf stock markets may consolidate without clear direction on Tuesday though Dubai is short-term technically bullish and a few stocks, including Saudi petrochemical maker Saudi Kayan, may move on second-quarter earnings announcements.

Dubai's index rose for a seventh straight session on Monday to 3,602 points, eclipsing its April peak of 3,573 points. The next, strong resistance is at 3,737-9 points, the January and February peaks.

This may mean a long period of Dubai underperformance compared with the region and other emerging markets is ending. The April peak is now immediate support for the index.

Meanwhile, Saudi Kayan Petrochemical said second-quarter net profit climbed to 242 million riyals ($64.5 million) from 97.3 million riyals year ago; analysts had on average predicted 212 million riyals.

However, Qassim Cement came in under expectations with a quarterly profit of 53.2 million riyals versus 113.9 million riyals year ago; analysts had on average expected 66 million riyals.

Qatari banks' second-quarter earnings so far are showing only a small impact from the diplomatic crisis surrounding the country. Masraf Al Rayan, the second-largest bank by market value, reported flat net profit, in line with analysts' forecasts.

Customer deposits rose to 61.21 billion riyals ($16.8 billion) by the end of June, up 5.9 percent from a year earlier but down 3 percent from the previous quarter.

In Egypt, Ezz Steel may see selling after it reported a quarterly consolidated net loss after tax and minority interests of 521 million Egyptian pounds ($29.2 million) versus a loss of 137 million pounds a year ago.

The company said it had suffered from a very low rate of utilisation of production capacity because of a working capital shortage after the devaluation of the Egytpian pound; it added that it expected to cover the working capital gap gradually in coming quarters.

The global market environment is roughly neutral with equities moving little and Brent crude steady around $48.50. (Reporting by Andrew Torchia)

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