Emaar shares rise on back of better Q3 results

MARKETS LATEST: Emaar is seen boosting the Dubai market on Sunday after announcing better than expected results. (Getty Images)

Emaar Properties was among the biggest movers as resurgent real estate-related stocks help Dubai's index extend early-session gains.

Emaar rose 2.6 percent, while Deyaar and Arabtec also advanced, each adding 1.2 percent.

"The third quarter result is the main reason for the bounce back in interest in Emaar," said Chamel Sahmy, regional senior sales trader for Beltone Financial.

"Diversification has proven positive for Emaar...and it might continue to post solid figures in Q4."

Emaar reported a 53 percent rise in Q3 net operating profit late Thursday.

Emirates NBD jumped 4.9 percent ahead of Q3 earnings expected on Monday. It fell nearly 10 percent last week, declining for five straight sessions.

The index climbed 1.4 percent to 2,276 points.

Saudi Basic Industries (SABIC) ended down pushing the index to a lower close.

SABIC declined 0.9 percent as investors look to book profits after earlier gains. The stock surged to a 12-month high last week after third-quarter profit beat analyst forecasts.

The index retreated 0.6 percent and ended at 6,528 points.

Abu Dhabi Commercial Bank rose 4.2 percent, while First Gulf Bank advanced 3.3 percent to lift the benchmark. FGB reported third quarter profits that beat analyst expectations last Wednesday.

National Bank of Abu Dhabi, the largest bank by market capitalisation on the index, also advanced, up 1.5 percent. The bank has yet to announced its third quarter numbers.

The benchmark ended 0.9 percent higher, after seven of the ten largest stocks advanced.

Kuwait's index retreated 1.6 percent to 7,488 points as investors awaited third-quarter results from the major corporates.

National Bank of Kuwait, Kuwait's largest bank, slipped 1.6 percent while Kuwait Financial House declined 3.1 percent. Gulf Bank also fell, ending 1.5 percent lower.

Oman's benchmark ended 1.5 percent lower at 6,509 points, weighed down by third-quarter earnings from Raysut Cement Co which fell short of analyst forecasts.

Shares in Raysut Cement fell 4.16 percent.

In Qatar, the index slipped marginally to end 0.06 percent lower at 7,281 points while Bahrain's benchmark declined 0.7 percent to 1,547 points. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM