Oman's Renaissance surges; Qatar slips

Shares in Renaissance up 6.4 per cent to their highest since December

Abu Dhabi-listed Waha earned a net profit of $25.32m in Q4

Abu Dhabi-listed Waha earned a net profit of $25.32m in Q4

Oman's Renaissance Services made sharp gains after reporting better than expected full-year earnings, while Qatar's bourse resumes trade after Tuesday's public holiday.

Shares in Renaissance surged 6.4 percent to their highest since December. It reported a 93 percent drop in its annual profit for 2011 after taking a writedown from subsidiary Topaz and as operating expenses rose.

"The market was expecting Renaissance to post losses and are now buying -- the overhang of provisions is behind them," said Vickneswaran Gowribalan, an Oman-based portfolio manager.

Muscat's index rose 0.3 percent to 5,624 points, trimming 2012 losses to 1.2 percent.

In Doha, Industries Qatar, the second largest stock by market value, rose 0.6 percent. On Monday, it posted a full-year profit of 7.8bn riyals, up from 5.5bn riyals a year-earlier.

Doha's benchmark traded near-flat, slipping 0.09 percent to 8,687 points as losers outnumber gainers nine to five.

Earlier in the day Dubai's Emaar Properties gave back early-session gains in the wake of its estimate-beating quarterly results as UAE markets traded near-flat.

Kuwait's index hit a fresh five-month high after a new cabinet was appointed on Tuesday.

Shares in Emaar slipped 0.3 percent, down from the six-month intra-day highs hit in the previous session. It more than doubled fourth quarter profit thanks to sharply lower provisions and gains in hospitality and retail units.

Dubai's index eases 0.2 percent to 1,536 points, down from Tuesday's six-month closing higher.

"The market looks like it may stabilize around these levels," said Sebastien Henin, portfolio manager at The National Investor.

Related:
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!

All comments are subject to approval before appearing

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Last week’s stock market crash in China sent shockwaves through...

2
Most Discussed
sponsoredTracking