Gulf focus on earnings; Egypt FX woes may weigh

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Investors will focus on earnings in some Gulf Arab markets on Sunday, while currency woes in Egypt may weigh on sentiment on the Cairo bourse.

In the United Arab Emirates, Air Arabia reported a 6 percent rise in fourth-quarter net profit but missed analysts' estimates.

The stock has risen 9.6 percent this year, underperforming the Dubai benchmark, which is up 16.7 percent. Air Arabia's board recommended a 7 fils cash dividend, higher than 2012's 6 fils dividend, which may help support the stock.

Abu Dhabi's Etisalat is talking to banks about a syndicated loan of up to US$8bn to finance a bid for Vivendi's 53 percent stake in Maroc Telecom, banking sources said on Friday.

In Kuwait, telecom operator Zain, the country's second largest listed stock, said foreign exchange losses were to blame for a 32 percent drop in fourth-quarter profit.

The stock is likely to come under selling pressure as its profit of KWD50.47m (US$179.04m) fell well short of an average estimate of KWD63.7m.

Elsewhere, Egypt's pound weakened to a record low against the dollar in interbank trade after a foreign currency sale on Thursday, but trading volumes were low as authorities reduced the flow of dollars into the market.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Features & Analysis
Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Egyptians vent post-revolt fury in litigation

Egyptians vent post-revolt fury in litigation

Bankers, stockbrokers say indiscriminate corruption probes may...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams