JEDDAH — Positive earnings reports and stronger oil boosted most major Gulf markets on Wednesday, while stocks in energy-importing Egypt were soft. Saudi stock benchmark Tadawul All Share Index jumped 2.21 percent to 9,164.44 points, a three-week closing high, as National Commercial Bank (NCB), the kingdom's biggest lender, climbed 2.3 percent. NCB posted a 2.8 percent rise in first-quarter net profit to SR2.61 billion ($696 million), above SICO Bahrain's forecast of SR2.15 billion. Bank Al Jazira surged 4.1 percent after its first-quarter profit rose 43 percent, well ahead of the estimate of Albilad Capital, which had predicted a 13 percent increase. Saudi Cement gained 1.9 percent, its 5.9 percent increase in first-quarter net profit beating analysts' average estimate. Saudi Electricity Co rose 1.5 percent after Deputy Electricity Minister Saleh Al-Awaji, who is also the company's chairman, said the kingdom should eventually consider raising its domestic water and power prices. If implemented, that would boost the utility's bottom line. Petrochemicals giant Saudi Basic Industries (Sabic) rose 2.0 percent as oil prices climbed, although its subsidiary Saudi Arabia Fertilizers Co (Safco) fell 1.5 percent after its first-quarter net profit tumbled 30 percent. Elsewhere, Dubai's index jumped 3.0 percent to 3,942 points on its heaviest trading volume this year, hitting a two-month closing high of 3,942 points and posting its biggest daily gain in 10 weeks. It now faces strong technical resistance at the late December peak of 4,008 points, from which it has pulled back three times in recent months. Abu Dhabi index edged up 0.6 percent to 4,622 points. Abu Dhabi developer Aldar Properties, up 3.5 percent, was the main support for that emirate's index, which edged up 0.6 percent. Qatar index rose 1.0 percent to 11,892 points. Kuwait index edged down 0.3 percent to 6,264 points. Oman index slipped 0.2 percent to 6,232 points while Bahrain index fell 2.8 percent to 1,394 points. Egypt index also fell 0.4 percent to 8,897 points. Dubai Islamic Bank (DIB) was the main support, surging 5.3 percent to 6.75 dirhams in active trade. DIB's net profit attributable to shareholders rose 33.9 percent year-on-year to 816.7 million dirhams ($222.4 million), beating analysts' estimates; EFG Hermes had forecast 751.21 million dirhams and HSBC had expected 677 million dirhams. The stock rose above its 100-day average, now at 6.56 dirhams, for the first time since November; it faces resistance at the March peak of 6.84 dirhams. Deyaar Development rose 3.9 percent. The firm became the first Dubai real estate company to post earnings this season and reported a 6 percent rise in first-quarter net profit, well ahead of SICO Bahrain's forecast. The profit rise was especially reassuring to investors against the background of a gradual slowdown in Dubai's property market over recent months. Other property-related stocks also rose: developer DAMAC jumped 3.6 percent, Union Properties surged 7.0 percent and builder Arabtec gained 3.7 percent. Abu Dhabi developer Aldar Properties, up 3.5 percent, was the main support for that emirate's index, which edged up 0.6 percent. Oman's index slipped 0.2 percent as Omantel fell 1.2 percent after saying the sultanate's regulator had fined it 5 million rials ($13.0 million) for a service interruption last year, a decision the company would appeal. But Bank Dhofar added 1.1 percent after posting a 15.3 percent increase in first-quarter profit. The lender made 11.78 million rials in the quarter. — SG/Agencies
