Dubai: Saudi Arabia's benchmark index kept gaining to overshoot the 9,000-point mark in nearly 18 months after buoyant oil prices and a slew of strong corporate earnings triggered a seven-day rally.
Saudi stocks rose 1 per cent to 9,036 points, starting from where it left off last week when it gained every day. Heavyweight lender Al Rajhi raced up 4.3 per cent to SR83.5 in its biggest single-day rise in nearly a year, and its seventh in a row. Other blue-chips Saudi Telecom and Maaden also advanced 1.6 and 4.2 per cent, respectively.
Etihad Atheeb Telecom jumped to its maximum daily upper limit of 10 per cent to trade at SR12.2 as its shares resumed trading after publishing results for the nine-month period ended December 31. Its shares were suspended from trading since July 2018 for not disclosing its earnings for the year ended March 2018.
The telco reported SR102.6 million in nine-month profits, which compares with SR62.5 million in losses suffered for the corresponding period of preceding year. The firm transformed into a profit-maker on the back of higher other income generated from the settlement with a major vendor, while also raising financial income from discounting of the long term trade payables.
Wipes out losses
It also reported a decrease in depreciation and amortization expenses with general and administrative expenses also dropping, which all combined to reduce its accumulated losses to zero.
Real estate disappoints
Dubai Financial Market inched down 0.4 per cent to 2,623 points mainly as its real estate stocks traded lower. DAMAC Properties shed 1.6 per cent to Dh1.24 after its annual losses shot up to Dh1.04 billion, while Emaar Properties lost 0.5 per cent ahead of the results. After the market closed, Emaar reported a near 58 per cent plunge in the full-year profit against a 20 per cent drop in revenues.
Abu Dhabi Securities Exchange traded flat with Aldar Properties gaining 1.6 per cent as investors hoped for better results from the developer that after the trading session announced a 28 per cent rise in the fourth-quarter profits and a 19 per cent gain in revenues for the same period.
Waha Capital shot up 4.1 per cent after turning a profit-maker from a loss-maker a year before, while the telco Etisalat edged up 0.2 per cent on the back of stronger 2020 profits.
Qatar Exchange dipped 0.1 per cent to 10,508 points with most losses coming from financial stocks and Qatar Insurance dropping 1.2 per cent ahead of its full-year results. Kuwait premier index closed flat as weakness in financial stocks overshadowed the strength in their real estate peers. Mabanee ticked up 0.9 per cent after reporting a slower drop in the fourth-quarter profit than in the whole year.
Oman's 30-company index edged back 0.9 per cent to 3,556 points, dragged by telco stocks. Ooredoo Oman shed 2.4 per cent after trimming its full-year dividends to 25 baizas per share from 40 baizas a year earlier. Omantel dropped 1.5 per cent ahead of its full year results. Bahrain shares closed slightly lower with GFH Financial advaning and Batelco retreating as investors awaited their earnings.