Earnings buoy Saudi stock markets, property bolsters Dubai bourse

Saudi Arabia’s stock market rose on Thursday, extending gains for a third straight session buoyed by financials, while Dubai’s index was propped up by real estate companies.

In Saudi Arabia, the benchmark index inched up 0.1 percent with Al Rajhi Bank increasing 0.8 percent and Bank Aljazira growing 1.1 percent.

On Wednesday, the latter reported an increase in third-quarter net profit to 256.9 million riyals, compared with 247.4 million riyals a year earlier. The lender attributed the rise to increase in operating income by 13 percent.

National Commercial Bank posted a more than 20 percent rise in its third-quarter net profit as it saw an increase of 5.9 percent in its operating income.

However, the stock was flat in early trading.

Zahrat Al Waha for Trading jumped 4.6 percent after it reported a rise in third-quarter net profit compared with the same quarter a year earlier.

In Dubai, the index grew 0.3 percent led by a 1.4 percent gain in its blue-chip developer Emaar Properties and a 0.7 percent rise in its unit Emaar Development.

In Abu Dhabi, the index also added 0.3 percent. Market heavyweight First Abu Dhabi Bank increased 0.9 percent and Abu Dhabi National Energy advanced 4.8 percent.

In Qatar, the index fell a further 0.3 percent as it extended losses for a sixth straight session. Qatar International Islamic Bank lost 2 percent and Industries Qatar inched down 0.6 percent.

The sharia-compliant lender is due to announce its nine-month result on Thursday.

Source: Reuters