By Mohd Edrees
Feb 14 (Reuters) - Most Gulf stock markets ended lower
on Tuesday, weighed down by oil prices and weaker-than-expected
corporate earnings, while the Abu Dhabi index recouped early
losses.
Oil prices - a key contributor to the Gulf's economies -
slid more than 1% after the U.S. government said it would
release more crude from its Strategic Petroleum Reserve. Brent crude futures fell $1.06, or 1.22%, to $85.56
a barrel by 1152 GMT.
Dubai's benchmark stock index settled 0.3% lower to
snap nine sessions of rally, dragged down by losses in
utilities, industry and communication sectors.
Air Arabia tumbled 3.4%, its worst day since early
May, after the low cost-carrier posted a 24% decrease in its
fourth-quarter net profit.
The Abu Dhabi index edged up 0.1%, helped by a
0.25% rise in Conglomerate International Holding Co ahead of reporting annual earnings later in the day.
After trading hours, Conglomerate reported 175% growth in
full-year net profit to 31.86 billion dirhams ($8.68 billion).
Saudi Arabia's benchmark stock index eased 0.2%,
dragged down by losses in financial and health care sectors.
Arab National Bank slipped 3.2% after the lender
missed market estimates of 3.20 billion riyals for full-year
profit. It reported net profit of 3.07 billion riyals, a 41%
from 2021.
Outside the Gulf , Egypt's blue-chip index rose
1.3%, boosted by a 7.7% surge in Juhayna Food Industries after the firm appointed Seif El-Din Safwan Thabet as
vice-chairman and CEO.
SAUDI ARABIA down 0.22% to 10,497
ABU DHABI edged 0.1% to 9,942
DUBAI lost 0.3% to 3,459
EGYPT gained 1.3% to 17,431
BAHRAIN up 0.1% to 1,938
OMAN declined 2.6% at 4,619
KUWAIT fell 0.1% to 8,190
($1 = 3.6537 Qatar riyals)
($1 = 3.6726 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Maju Samuel)
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