(MENAFN- Gulf Times) Most major stock markets in the Gulf rose yesterday with Qatar's index adding 0.9% to 9,106 points, while shares of one of Egypt's property developers dropped as its quarterly earnings missed estimates.
Saudi Arabia's index gained strength from positive company-specific news. The Riyadh index added 0.7% to 7,179 points as all 12 listed banks rose, with Alawwal Bank adding 2.4%.
Atheeb Telecommunications climbed 2.5% to 8.21 riyals in its highest traded volume since June 2016 after it swung to a quarterly net profit of 55.4mn riyals ($14.8mn) from a loss of 58.1mn riyals a year ago.
But it closed well off its intra-day high of 8.78 riyals.
While some of the profit gain was due to higher revenues, most was due to the sale of communications towers, the company said.
Medical equipment seller and hospital operator Al Hammadi Co for Development rose 1.6% to 35.80 riyals after reporting net income of 25.7mn riyals, up 24.8% from a year ago.
NCB Capital had predicted 26.7mn riyals.
Saudi Steel Pipes gained 1.3% after one of its units won a 250mn riyal contract to manufacture pipes for oil giant Saudi Aramco.
Elsewhere, the Dubai index rose 0.3% to 3,601 points with activity dominated by Union Properties, up 3.7%, and GFH Financial, up 2.8%. Both stocks have been volatile in recent days, GFH because of a big capital increase and Union Properties because it posted a big quarterly loss as it fixed accounting errors; the stock has now regained the level where it was trading before the announcement of the loss.
Builder Drake & Scull was Dubai's top gainer, jumping 6.3%. Earlier this week it reported a slight narrowing in its quarterly net loss and removed its chief executive without naming a replacement.
Abu Dhabi National Energy jumped 3.3% in heavy trade.
The stock soared 24% this week; last week the company said it swung to a tiny profit in the second quarter from a year-earlier loss, aided by higher oil prices and a one-off gain.
Dana Gas, however, fell 3.2%, helping drag Abu Dhabi's index down 0.1% to 4,493 points.
In Egypt, shares of Sixth of October Development and Investment fell 1.1% to a four-month low after its second-quarter net income of 129.8mn Egyptian pounds ($7.3mn) missed analysts' estimates.
Egypt's index fell 0.2% to 13,119 points.
Elsewhere in the Gulf, the Kuwait index added 0.5% to 6,886 points, the Bahrain index decreased 0.9% to 1,299 points and the Oman index fell 0.5% to 4,889 points.
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