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.
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The latter reported a rise in third-quarter profit to 713 million riyals ($190.10 million) compared to 637 million a year earlier.
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 adding 1.4% 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%.
($1 = 3.6728 UAE dirham)
($1 = 3.7506 riyals)
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