Mideast Stocks: Dubai rebounds on earnings, Saudi extends gains | ZAWYA MENA Edition:
Dubai's stock market rebounded on Monday, supported by real estate shares and corporate earnings, as Saudi rallied on the back of financials.
Dubai's index rose 0.5% with Emirates NBD gaining 0.9%, while Emaar Properties was up 1% a day after reporting a 20% rise in third-quarter net profit.
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.
The blue-chip developer's unit Emaar Development advanced 3.9%. On Sunday, it reported nine-month net profit of 2.07 billion dirhams ($563.60 million).
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