tadawul index declines 03 petrorabigh slumps
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Tadawul index declines 0.3%; PetroRabigh slumps

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Arab Today, arab today Tadawul index declines 0.3%; PetroRabigh slumps

PetroRabigh blamed the bigger loss
Dubai - Arab Today

The Tadawul All Share Index (TASI) on Sunday slipped 0.3 percent as PetroRabigh tumbled its 10 percent daily limit after reporting that its quarterly loss ballooned to SR240 million ($64 million) from SR37 million a year earlier and compared to a profit in the previous quarter.
The company blamed the bigger loss, which contrasted with solid first-quarter earnings at many Saudi petrochemical firms, on reduced margins on refined products and a downtrend in crude oil prices, which hit inventory valuations. Also, it reclassified some payments and temporarily shut a facility in the first quarter.
The stock had been in a strong uptrend since mid-March in anticipation of good first-quarter earnings.
Medical insurer Bupa Arabia climbed 4.2 percent to SR116.75 after saying its international parent Bupa would increase its stake to 34.25 percent from 26.25 percent, by purchasing part of Nazer Group’s stake. The planned purchase would occur at a price of SR143 per share.
But another insurer, MedGulf, plunged 10 percent after saying it had swung to a SR93 million loss in the quarter from a year-earlier profit. It cited a jump in provisions for doubtful debts and lower net underwriting income.
Dubai’s index fell 0.5 percent as Islamic real estate finance company Amlak dropped 1.9 percent after reporting a net profit of 7.5 million dirhams ($2 million) for the first quarter; a year earlier, it had reported profit attributable to equity holders of 122.1 million dirhams.
Qatar’s index slipped 0.4 percent, partly because of a 0.5 percent pullback by Industries Qatar, which had rebounded for four straight days.
The Omani market edged down 0.2 percent after Standard & Poor’s cut Oman’s credit rating to junk status, saying low oil prices had eroded the country’s external reserves to the point they could no longer offset the threat of low oil prices.
Trade was very thin. Analysts had expected banking stocks to be most vulnerable to the downgrade because it could mean the banks face higher costs in financing themselves, but while Bank Muscat and Bank Sohar fell modestly early on Sunday, National Bank of Oman (NBO) rose.
In Egypt, the International Monetary Fund (IMF) said on Friday it had reached a staff-level agreement with Cairo on a second loan installment and would make available about $1.25 billion.
The agreement had been expected, but it came sooner than some analysts had anticipated and was accompanied by an IMF statement that the Finance Ministry had drafted a “very strong budget” which, if enacted by the Parliament, would put public debt on a “clearly declining path to sustainable levels.”
However, the Egyptian stock index fell 0.3 percent. In its talks with Cairo, the IMF stressed the need to bring down inflation, which could mean tighter-than-expected monetary and fiscal policy in coming months.
Global Telecom dropped 4.3 percent, continuing a slide that began on Thursday when it reported a first-quarter net loss attributable to shareholders $26 million versus a profit of $48 million a year ago.
Naeem brokerage said it was reviewing its recommendation for Global, blaming the loss on weakness at the company’s Algerian business and rising overheads.

Source: Arab News

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