World Markets

MIDEAST STOCKS-Earnings buoy Saudi shares, property bolsters Dubai

Credit: REUTERS/SATISH KUMAR

Saudi Arabia's stock market edged up on Thursday, extending gains for a third straight session supported by gains in financials, while Dubai was propped up by real estate firms.

Oct 24 (Reuters) - Saudi Arabia's stock market edged up on Thursday, extending gains for a third straight session supported by gains in financials, while Dubai was propped up by real estate firms.

In Saudi Arabia, the benchmark index .TASI was up 0.1% with Al Rajhi Bank 1120.SE increasing 0.8% and Bank Aljazira 1020.SE gaining 1.1%.

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%.

National Commercial Bank 1180.SE posted a more than 20% rise in its third-quarter net profit as it saw an increase of 5.9% in its operating income.

However, the stock was flat in early trading.

Zahrat Al Waha For Trading 3007.SE jumped 4.6% after it reported a rise in third-quarter net profit compared with the same quarter a year earlier.

In Dubai, the index .DFMGI added 0.3% led by a 1.4% gain in its blue-chip developer Emaar Properties EMAR.DU and a 0.7% rise in its unit Emaar Development EMAARDEV.DU.

In Abu Dhabi, the index .ADI also rose 0.3%. Market heavyweight First Abu Dhabi Bank FAB.AD increased 0.9% and Abu Dhabi National Energy TAQA.AD advanced 4.8%.

In Qatar, the index .QSI dipped a further 0.3% as it extended losses for a sixth straight session. Qatar International Islamic Bank QIIB.QA lost 2% and Industries Qatar IQCD.QA was down 0.6%.

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

(Reporting by Shamsuddin Mohd in Bengaluru Editing by Jacqueline Wong)

((Shamsuddin.Mohd@thomsonreuters.com; +918067497129;))

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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