Wednesday 24 October 2012

MIDEAST STOCKS-Saudi rebounds before holiday; Emaar falls on Q3 - Yahoo! News Maktoob

Saudi Arabia's bourse rebounded on Wednesday from a nine-day low as bargain hunters picked up battered stocks, while Dubai's Emaar Properties declined after quarterly earnings missed estimates.
Most sectors in Saudi Arabia rallied, with large-caps Saudi Basic Industries Corp and Al Rajhi Bank gaining 0.9 percent and 1.1 percent respectively.
Dar Al Arkan rose 1.2 percent, accounting for a quarter of all shares traded on the index.
"The market did not react (over the last two weeks) to the positive earnings growth we saw in the third quarter - we expected to see it recover a bit," said Hesham Tuffaha, head of asset management at Bakheet Investment Group.

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