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Sun 25 Oct 2009 10:01 AM

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Emaar shares rise on back of better Q3 results

UPDATE 8: Property giant's better than expected earnings lifts DFM, Saudi ends lower.


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)

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