World Markets

MIDEAST STOCKS-Banks bolster Saudi index; other major Gulf markets dip

Credit: REUTERS/SATISH KUMAR

Saudi Arabia's stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.

Nov 7 (Reuters) - Saudi Arabia's stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.

Saudi Arabia's benchmark index .TASI was up 0.6%, with Al Rajhi Bank 1120.SE increasing 1% and Saudi Basic Industries 2010.SE adding 1.1%.

Middle East Healthcare 4009.SE jumped 8.2% after it posted a sharp rise in third-quarter net profit attributed to a decrease in general and administrative expenses.

National Medical Care 4005.SE advanced 2.6%, following a surge of more than 45% in third-quarter net profit.

In Qatar, the index .QSI slipped 0.2%, led by a fall of 0.9% in Qatar National Bank QNBK.QA and a drop of 1.5% in Mesaieed Petrochemical MPHC.QA.

The Dubai index .DFMGI edged down 0.1%, as Emirates NBD Bank ENBD.DU dropped 1.8% and Emaar Malls EMAA.DU was down 1%.

However, Dubai Financial Market DFM.DU gained 1.2%, as it reported third-quarter net profit of 30.4 million dirhams ($8.28 million), up from 20.9 million a year earlier.

In Abu Dhabi, the index .ADI also opened down 0.1%, with telecoms firm Etisalat ETISALAT.AD shedding 0.4%, while Abu Dhabi National Energy Company TAQA.AD plunged 5.8%.

On Wednesday, the energy firm posted third-quarter net loss of 16 million dirhams, versus a profit of 153 million a year ago.

($1=3.6728 UAE dirham)

(Reporting by Shamsuddin Mohd in Bengaluru)

((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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