Feb 2 (Reuters) - Most stock exchanges in the Gulf fell
in early trade on Thursday following a slew of corporate
earnings that fell short of expectations, with the Saudi main
share index dragged down by Alinma Bank .
Saudi Arabia's benchmark stock index slipped 0.2%,
pressured by losses in banking and real estate sector stocks.
Shares of Alinma Bank fell 2.2% after the bank reported
32.8% growth in annual net profit to 3.60 billion riyals
($959.3 million) that missed analysts' estimate of 3.72 billion
riyals.
Central banks in Saudi Arabia, the United Arab Emirates and
Bahrain lifted their key interest rates by 25 basis points on
Wednesday, following the Federal Reserve's hike of the same
size, as their currencies are pegged to the dollar.
However, Qatar's central bank said on Wednesday it was
keeping its interest rates unchanged.
CBQ typically follows the Fed's moves as the Qatari riyal is
also pegged to the dollar.
The Qatari main share index slipped 0.5%, extending
losses for a fourth straight session.
Banking sector stocks drove losses in the index with Masraf
Al Rayan declining 2.6%, while Islamic lender Qatar
Islamic Bank was down 1%.
Abu Dhabi's benchmark index retreated 0.3%, on
track to break a three-day winning streak, with the UAE's
largest lender, First Abu Dhabi Bank losing 0.6% and
conglomerate International Holding Company 0.9% lower.
However, National Marine Dredging Company rose
1.7% after the firm posted a 30% increase in annual net profit
to 1.30 billion dirhams ($353.9 million).
Dubai's benchmark index was up 0.5%, bolstered by a
3.1% gain in low-cost carrier Air Arabia , while
blue-chip developer Emaar Properties rose 0.7%.
Oil prices - a key contributor to Gulf economies - drifted
higher on Thursday after the OPEC+ panel endorsed keeping
production cuts agreed last year in place.
Brent crude was up $0.39, or 0.47%, at $83.23 a barrel by
0818 GMT. ($1 = 3.7526 riyals)
($1 = 3.6729 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Emelia
Sithole-Matarise)
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