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Sunday, 23 October 2016

MIDEAST STOCKS-Gulf firms with Saudi outperforming on continued optimism | Reuters

MIDEAST STOCKS-Gulf firms with Saudi outperforming on continued optimism | Reuters:

"Stock markets in the Gulf firmed in early trade on Sunday with one of the main property developers in Saudi Arabia jumping on strong quarterly results and banking shares continuing their climb.

Riyadh's index added a further 0.7 percent in the first half an hour as Dar Al Arkan jumped 6.5 percent in the first 15 minutes of trade after it reported a 21.4 percent rise in third-quarter net profit to 112.5 million riyals ($30.0 million), double the forecast by analysts at NCB Capital.

The company attributed the rise to higher revenues from property sales and lower operating expenses, such as payroll and consultancy fees."



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