q1 earnings buoy saudi petrochemical shares index edges up
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Q1 earnings buoy Saudi petrochemical shares; index edges up

Arab Today, arab today

Arab Today, arab today Q1 earnings buoy Saudi petrochemical shares; index edges up

The Tadawul All Share Index rose 1 percent
Dubai - Arab Today

Higher petrochemical share prices helped lift the Tadawul All Share Index (TASI) on Sunday after strong first-quarter (Q1) earnings in the sector.
The index rose 1 percent as Saudi Kayan Petrochemical hit its 10 percent daily price limit after the company reported a net profit of SR265.5 million ($70.8 million), having made a loss of SR195 million in the same period last year.
Analysts at NCB Capital had forecast a profit of SR121 million, while Aljazira Capital had expected SR69.5 million.
“This is the highest net income since inception. We believe the variance is due to higher than expected operating rates and gross margin,” NCB Capital said.
Aljazira said its outlook for Kayan would remain optimistic for the rest of the year, but gross margins would decline slightly because of new feedstock prices that would be implemented gradually from the second quarter.
Meanwhile, Saudi Arabia Fertilizers (SAFCO) rose 0.7 percent after it reported net income of SR423 million, at the high end of forecasts; the consensus estimate was SR406 million.
Most of the 14 listed Saudi petrochemical producers have not yet reported quarterly earnings.
“We expect the petrochemical sector’s net income to grow between 60-70 percent from the previous year with the mixed feedstock producers ... being the best performers as they benefit from higher end-product prices,” said Jassim Al-Jubran, an analyst at Aljazira Capital.
“Later this year, many producers are planning temporary facility shutdowns for maintenance works, which may weigh on their performance in the quarters to come, but we believe the worst is behind for the sector.”
Elsewhere, in Dubai the index was almost flat, closing near a 4-1/2 month low, as 16 shares rose and 14 declined. Second- and third-tier shares, which are often traded by local day-traders, were the top movers, with GFH Financial Group jumping 5.6 percent but builder Arabtec dropping 4.6 percent.
In Abu Dhabi, the index edged up 0.2 percent with support from blue chips; real estate developer Aldar Properties rose 0.9 percent.
Qatar’s largest petrochemical maker, Industries Qatar, rose 0.8 percent after news that one of its units, QAPCO, had signed an agreement with state-owned Qatar Petroleum to supply the low-density polyethylene producer with additional ethane gas.
Other Qatari shares sagged, however, dragging the index 0.3 percent lower. Vodafone Qatar, which has not yet reported earnings, fell 0.9 percent.
Egypt’s index fell 0.7 percent to a two-month low, extending the previous session’s 1.2 percent loss, as local retail traders exited positions, bourse data showed.
Tobacco maker Eastern Co. fell 1.4 percent despite saying it had signed an agreement with Al-Mansour International Distribution, the distributor of Philip Morris tobacco products in Egypt, to manufacture cigarettes with the brand name “Target” for two years.

Source: Arab News

arabstoday
arabstoday

GMT 15:22 2017 Wednesday ,23 August

Al-Rajhi Bank, Maaden boost Saudi stocks

GMT 14:37 2017 Wednesday ,19 July

Middle East stock markets slip

GMT 05:37 2017 Tuesday ,18 July

Tadawul index slips 0.8%

GMT 04:43 2017 Monday ,17 July

Tadawul index rises 0.5% in broad-based rally

GMT 04:56 2017 Tuesday ,11 July

Strong 2Q boosts Saudi stocks
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

q1 earnings buoy saudi petrochemical shares index edges up q1 earnings buoy saudi petrochemical shares index edges up

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

q1 earnings buoy saudi petrochemical shares index edges up q1 earnings buoy saudi petrochemical shares index edges up

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday