Saudi outperforms on Q3

Dubai ends losing streak

DUBAI, Oct 22, (RTRS): Saudi Arabia’s stock market rose sharply on Tuesday, outperforming other regional markets on the back of strong corporate earnings, while Dubai rebounded through gains in financials and property shares.

The Saudi benchmark index added 1.4% with Al Rajhi Bank increasing 2.8% and Alinma Bank leaping 4.9%, its biggest intra day gain since April. The latter reported a rise in third-quarter profit to 713million riyals ($190.10 million) compared to 637 million a year earlier.

Among other lenders, Bank Albilad jumped 4.5% after it reported strong third-quarter earnings on Monday. National Shipping Company of Saudi Arabia rose 2.8%. On Monday, the firm posted a more than 80% surge in third-quarter net profit, which it attributed to higher returns from operating segments powered by growth in logistics services.

Dubai’s main index gained 0.9%, snapping a three-day losing streak, with blue-chip developer Emaar Properties and Dubai Islamic Bank adding1.4% and 1.1% respectively. Deyaar Development soared 10.5% to become the top gainer on the index.

Deyaar said on Monday that its accumulated losses reached 1.51 billion dirhams ($411.13 million). By contrast, 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 rose 0.7% as the country’s largest lender First Abu Dhabi Bank gained 0.7% and Emirates Telecommunications closed 1.1% higher.

The United Arab Emirates’ bank lobby is proposing limits on bank lending to the real estate sector to protect them from being overexposed to the sector, Reuters reported on Tuesday citing a senior bank executive. Real estate and construction accounted for about 20% of gross loans at the end of the first quarter, according to central bank data. Outside the Gulf, Egypt’s blue-chip index edged up 0.2%, led by a 0.3% gain in Commercial International Bank and a 0.8% rise in Eastern Company.

Extending losses for a fourth straight session, Qatar’s index ended 0.2% lower with Qatar Fuel dropping 1.9% and Qatar International Islamic Bank was down 1.7%.

Saudi Arabia

The index rose 1.4% to 7,873 points

Abu Dhabi

The index gained 0.7% to 5,136 points

Dubai

The index added 0.9% to 2,788 points

Qatar

The index was down 0.2% at 10,376 points

Egypt

The index was up 0.2% at 14,201 points

Bahrain

The index lost 0.1% to 1,525 points

Oman

The index slipped 0.2% to 4,007 points

Kuwait

The index increased 0.4% to 6,297 points