Oil Stocks Raise Saudi Stock Exchange as Retail Companies Fall

Petrochemical stocks endorsed the Saudi stock exchange last Thursday, but companies focusing on local trade receded, with results below expectations. Meanwhile gulf stock exchanges ended the week with a notable rise before announcing the quarterly results.

The Saudi petrochemical index rose 2%, after Brent Oil prices went up to 46 dollars per barrel, and the main stock performance indicator rose by 1.2% to 6588 points, giving the highest recorded value for the past 14 weeks. 

Rabigh Refining and Petrochemical stocks (PetroRabigh) previously fell by around 4.9%, after the company endured a quarterly net loss of 32.7 Million Riyals (8.7 Million Dollars) versus a net profit of 205.4 Million Riyals a year ago, although stock closed at an increase of 4.9%.

Fawwaz Abdul Aziz El-Hakir retail trade stocks fell to a minimum 10%, after quarterly profits receded by 98%, falling well below analyst's predictions. The company achieved a net profit rate of 3.17 Million Riyals versus an average predicted rate of 160.16 Million Riyals, according to a Reuter's survey. Al Tayyar Travel stocks fell by 0.6%, after the company announced a decrease in net profits of 32.2% during the first quarter.

The Dubai stock indicator rose by 1.1% to 3584 points, recording its highest closing level during the past six and a half months, with backing from the leading stocks in the real estate sector. Emmar (the largest real estate development company) stocks rose by 3.8%, although the company has yet to announce its quarterly results. Damac properties stocks by 1.8%.

Meanwhile, the most dealt Arabtec Construction stocks fell by 0.6%, after an earlier rise. The director of Arabtec said, last Wednesday, that the company may reach a balance between revenues and costs during 2016, and intends to return to a profiting level the following year. Abu Dhabi's stock average indicator rose by 0.9%, consolidated by bank stocks. Abu Dhabi Commercial Bank and National Bank of Abu Dhabi rose by 3.3% and 1% respectively.

The Egyptian stock indicator fell by 0.2%, with the fall of Global Telecom 4.7%, after the company announced in a stock notice of the pricing of stocks at a value of 1.2 Billion Dollars. Porto Group stocks continued its downward fall by a further 3%, to 8.3%.