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Monday, 7 November 2016

MIDEAST STOCKS-Positive global mood lifts Gulf shares | Reuters

MIDEAST STOCKS-Positive global mood lifts Gulf shares | Reuters:

"A bounce in crude oil prices and a positive mood in global equity markets helped lift Gulf stocks early on Monday, though the largest food producer in Saudi Arabia was hit by the devaluation of the Egyptian pound.

Dubai's main index rebounded 1.0 percent with Emaar Malls Group climbing 1.3 percent after the unit of Emaar Properties reported a 16 percent rise in third-quarter net profit to 435 million dirhams ($118.4 million), against EFG Hermes' forecast of 421.8 mln dirhams. Emaar Properties was up 2.1 percent.

Developer DAMAC Properties added 0.5 percent after reporting third-quarter net profit of 902.0 million dirhams, down 11.7 percent but beating the 707.0 million dirhams forecast by EFG Hermes."

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