October 22, 2019 / 8:01 AM / in 8 months

MIDEAST STOCKS-Saudi profits from corporate earnings, Qatar extends losses

Oct 22 (Reuters) - Saudi Arabia’s stock market rose on Tuesday, buoyed by corporate earnings, while Qatar’s index was dragged down by its blue chips for a fourth consecutive session.

The Saudi benchmark index added 0.6%. Al Rajhi Bank gained 1.3%, and Alinma Bank jumped 4.2% after it reported a rise in third-quarter profit to 713 million riyals ($190.1 million) compared to 637 million a year earlier.

National Shipping Co of Saudi Arabia gained 2.8%. On Monday, the firm posted a more than 80% surge in third-quarter net profit, which it attributed to higher returns from operating segments powered by growth in logistics services.

Bank Albilad advanced 2.4% after it reported a rise in third-quarter profit on Monday.

Qatar’s index slipped 0.7%, extending losses from previous sessions with most constituent stocks declining. The Gulf’s largest lender, Qatar National Bank, fell 1.1% and Commercial Bank was down 1.6%.

In Dubai, the index gained 0.8% following three days of losses, with its largest lender Emirates NBD gaining 1.6% and Emaar Properties rising 1.4%.

Deyaar Development jumped 7.2% to become the top gainer on the index. Deyaar said on Monday that its accumulated losses reached 1.51 billion dirhams ($411.1 million).

However, the developer said it would continue to launch quality projects and was keen to diversify income resources through property and facilities management services.

In Abu Dhabi, the index edged up 0.2%, driven by a 0.6% increase in Emirates Telecommunications and a 0.9% gain in Aldar Properties. ($1 = 3.7507 riyals) ($1 = 3.6728 UAE dirham) (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Dale Hudson)

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