Saudi extends drop; Maaden falls after Q1
Riyadh, April 10, 2012
Shares in Saudi Arabian Mining Co (Maaden) fall despite the firm posting a more than five-fold increase in first-quarter profit, while the kingdom's index dipped for a fifth straight session.
Maaden's shares dropped 3.3 percent to be up 39 percent this year. Its first-quarter net profit was 246 million riyals ($65.60 million), swelled by increased production and higher product prices.
Bakheet Investment Group forecast Maaden would post a quarterly profit of 438 million riyals. The mining firm started commercial production of ammonia at Maaden Phosphate Co during the fourth quarter of 2011 and production of diammonium phosphate during the first quarter of 2012.
The main index slipped 0.1 percent lower to 7,686 points, trimming year-to-date gains to 19.9 percent.
Petrochemical and banking shares weighed. National Industrialization (Tasnee) dropped 1 percent, Yanbu National Petrochemical dipped 1.4 percent and Bank Aljazira fell 2.2 percent.
Shares in Kuwait's Boubyan Bank rallied after National Bank of Kuwait (NBK) received regulatory approval to up its stake in the Islamic lender.
Boubyan's shares climbed 3.6 percent. NBK has been given approval to raise its stake in Boubyan to 60 percent from 47.29 percent.
NBK's shares give back early-session gains to trade flat. Kuwait Finance House climbs 1.4 percent and Gulf Finance House adds 1.8 percent.
Kuwait's index advances 0.5 percent to 6,150 points, extending year-to-date gains to 5.8 percent and rallying from Monday's six-week low.
Meanwhile, Dubai's bourse snapped a three-session losing streak as bargain hunters return, while Oman's small-caps gained. Budget carrier Air Arabia and contractor Arabtec led gains in Dubai, rising 5 and 4.2 percent respectively.
Air Arabia approved a 6 percent cash dividend at its annual meeting on Monday. Small-caps also helped lift the index, which climbed 1.4 percent to 1,681 points.
Union Properties and mortgage lender Tamweel rallied 1.7 and 3 percent respectively.
In Oman, Bank Sohar rose 4 percent after the lender posted a 74.3 percent increase in first-quarter net profit, according to a bourse statement.
Muscat's index climbed 0.3 percent to 5,847 points, extending gains. It has risen in six of the previous seven sessions. - Reuters