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Monday, 1 August 2016

MIDEAST STOCKS-Emaar Q2 results support Dubai, Saudi edges higher | Reuters

MIDEAST STOCKS-Emaar Q2 results support Dubai, Saudi edges higher | Reuters:

"Dubai's stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock, while Saudi Arabia's index edged up as investors bought shares on recent price dips.

Dubai's index was up 0.7 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer reported an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million), ahead of the 1.06 billion dirhams forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is 9.64 dirhams.

Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 percent."



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