MIDEAST STOCKS-Corporate earnings lift Dubai, Saudi extends gains - Agricultural Commodities - Reuters:
Dubai’s stock market rose in early trading on Monday boosted by positive corporate earnings, while Saudi Arabian shares extended their gains for a third consecutive day.
Dubai’s index rose 0.6% led by a 1.2% gain in Emaar Properties . The largest listed developer in Dubai reported a 20% rise in profit for the third quarter.
The profit came despite a prolonged slowdown in the emirate’s property sector, where the supply glut has sent residential prices sliding by at least a quarter since mid-2014.
Emirates NBD was up 0.5%, while Air Arabia advanced 1.4% as its third-quarter profit jumped 57%. The United Arab Emirates’ only listed airline attributed the surge to a 10% rise in passengers it carried from its four hubs in the UAE, Morocco and Egypt.
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