Emiartes NBD lifts Dubai; Saudi markets extend losses

Saudi markets fell for a second day on Monday as banking shares fell, while Dubai was bolstered by Emirates NBD following strong third-quarter profit.

In Saudi Arabia, the index was down 0.3 percent. Al Rajhi Bank shed 0.7 percent and Alinma Bank dropped 1.5 percent.

Zain Saudi fell 2.6 percent. On Thursday, the telecoms operator reported a third-quarter net profit of 121 million riyals, up from 48 million riyals a year earlier but down nearly 7 percent from the second quarter.

Al Hammadi Company For Development And Investment fell 1.3 percent after it reported a fall in third-quarter net profit.

In Dubai, the index rose 0.3 percent with its largest lender, Emirates NBD, gaining 0.8 percent. On Monday, the bank reported an 89 percent surge in its third-quarter profit as it announced a gain of 4.4 billion dirhams ($1.20 billion) from the initial public offering of its partly owned Network International.

Gains in financial stocks also lifted Abu Dhabi’s index , which was up 0.3 percent. Abu Dhabi Commercial Bank added 2.6 percent after posting on Sunday a 13 percent drop in third-quarter profit, in line with analysts’ forecasts.

They were the second combined results after ADCB merged with Union National Bank and Al Hilal Bank.

In Qatar, the index fell 0.3 percent with Qatar Fuel Company decreasing 1.6 percent and Masraf Al Rayan down 1.1 percent.

The latter reported marginal growth in nine-month net profit to 1.65 billion riyals ($453.30 million), compared with 1.63 billion riyals a year earlier.

Source: Reuters