August 9, 2017 / 1:14 PM / a year ago

MIDEAST STOCKS-Region moves sideways, outperforms EM index; DXBE slides on losses

* DXBE has not made profit since theme parks opened

* Swing to Q2 profit fails to boost Arabtec

* Industries Qatar hit by earnings miss

* Profit leap boosts Saudi's PetroRabigh in heavy trade

* Egypt's Emaar Misr climbs after earnings

By Andrew Torchia

DUBAI, Aug 9 (Reuters) - Middle Eastern stock markets generally moved sideways in quiet trade on Wednesday, outperforming other emerging markets, though Dubai theme park operator DXB Entertainments sank because of poor first-half earnings.

The Gulf has underperformed global emerging markets this year, hit by low oil prices and government austerity policies.

But this may have left the Gulf less vulnerable to a pull-back as MSCI's emerging market index dropped 0.9 percent on Wednesday, partly because of tensions between the United States and North Korea.

Dubai's stock index edged down 0.1 percent as DXBE fell 2.5 percent after reporting a first-half net loss of 578 million dirhams ($157 million). The company has not made a profit since it opened its first theme parks and hotels in October 2016.

The company said it was reorganising its business into three units: theme parks, family entertainment centres, and retail and hospitality.

It also announced an agreement with local developer Meraas to manage its portfolio of leisure and entertainment offerings including Hub Zero, Splash Pad and Roxy Cinemas.

Builder Arabtec fell 2.3 percent, despite saying it swung to a net profit attributable to the parent of 39.8 million dirhams in the three months to June 30 from a loss of 186.4 million dirhams a year ago.

In Abu Dhabi, the index was down 0.7 percent as Dana Gas fell 1.5 percent.

Qatar's largest petrochemical producer, Industries Qatar , dropped 1.5 percent after its second-quarter net profit shrank 47 percent from a year earlier to 682 million riyals ($187 million), missing analysts' average forecast of 787 million riyals. The Doha index was down 0.7 percent.

In Saudi Arabia, the index edged up 0.1 percent as petrochemical maker PetroRabigh jumped 6.9 percent in its heaviest trade since mid-May after reporting that second-quarter net profit more than tripled from a year earlier.

Ethylene producer National Petrochemical (Petrochem) rose 3.2 percent. It reported a net profit of 132.3 million riyals ($35.3 million), shrinking by about a third from a year ago, but attributed this to an unplanned shutdown of one of its plants in May and higher financing costs.

Petrochem's majority shareholder, Saudi Industrial Investment Group, lost 1.6 percent after its quarterly net income fell 54 percent.

Egypt's index dropped 0.4 percent as property developer Emaar Misr jumped 4.7 percent to 2.65 Egyptian pounds.

The company reported second-quarter net profit rose to 539 million Egyptian pounds ($30.4 million) from 436.8 million pounds a year ago. The stock is at trailing 12-month price/earnings ratio of 6.2 times, according to Thomson Reuters data, cheaper than some other major developers such as Talaat Mostafa at 17.7 times and Amer Group at 9.3 times.


* The index edged up 0.1 percent to 7,153 points.


* The index edged down 0.1 percent to 3,643 points.


* The index dropped 0.7 percent to 4,556 points.


* The index fell 0.7 percent to 9,307 points.


* The index dropped 0.4 percent to 13,581 points.


* The index edged down 0.1 percent to 6,823 points.


* The index was flat at 1,324 points.


* The index fell 0.2 percent to 4,994 points. (Reporting by Andrew Torchia, editing by Alister Doyle)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below