Saudi profits from corporate earnings, Qatar extends losses

Saudi Arabia’s stock market rose on Tuesday, buoyed by corporate earnings, while Qatar’s index was dragged down by its blue chips for a fourth consecutive session.

The Saudi benchmark index added 0.6 percent. Al Rajhi Bank gained 1.3 percent, and Alinma Bank jumped 4.2 percent after it reported a rise in third-quarter profit to 713 million riyals ($190.1 million) compared to 637 million a year earlier.

National Shipping Co of Saudi Arabia gained 2.8 percent. On Monday, the firm posted a more than 80 percent surge in third-quarter net profit, which it attributed to higher returns from operating segments powered by growth in logistics services.

Bank Albilad advanced 2.4 percent after it reported a rise in third-quarter profit on Monday.

Qatar’s index slipped 0.7 percent , extending losses from previous sessions with most constituent stocks declining. The Gulf’s largest lender, Qatar National Bank, fell 1.1 percent and Commercial Bank was down 1.6 percent.

In Dubai, the index gained 0.8 percent following three days of losses, with its largest lender Emirates NBD gaining 1.6 percent and Emaar Properties rising 1.4 percent.

Deyaar Development jumped 7.2 percent to become the top gainer on the index. Deyaar said on Monday that its accumulated losses reached 1.51 billion dirhams ($411.1 million).

However, the developer said it would continue to launch quality projects and was keen to diversify income resources through property and facilities management services.

In Abu Dhabi, the index edged up 0.2 percent, driven by a 0.6 percent increase in Emirates Telecommunications and a 0.9 percent gain in Aldar Properties.

Source: Reuters

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