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DUBAI, Oct 23 (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
.TASI
added a further 0.7 percent in the first half an hour as Dar Al Arkan
4300.SE
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.
Analysts at NCB Capital said the surprise came from higher than expected land sales of 570 million riyals versus their estimate of 390 million riyals.
Banks continued their climb with Saudi Hollandi Bank
1040.SE
adding 1.7 percent. At the end of last week bank shares rallied after the kingdom conducted a mammoth $17.5 billion international bond sale with success.
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Investor optimism has been buoyed despite some weak quarterly results. About three-quarters of Saudi's listed companies have so far reported, with generally lower earnings and a few companies missing analysts' estimates by a wide margin
Dubai's main index
.DFMGI
added 0.4 percent in quiet trade as the largest listed developer Emaar Properties
EMAR.DU
, which has yet to publish its third-quarter net income, rose 2.0 percent.
DXB Entertainments
DXBE.DU
, the most traded stock, climbed 0.6 percent, heading for its fourth straight session of gains ahead of the theme parks opening later this month.
Real estate related shares were the main movers on Abu Dhabi's exchange
.ADI
with mid-sized Eshraq Properties
ESHR.AD
gaining 1.3 percent and large-cap Aldar Properties
ALDR.AD
advancing 1.1 percent. The index was up 0.4 percent.
But Qatar's index
.QSI
sagged 0.1 percent, dragged lower by banking shares. Bellwether Qatar National Bank
QNBK.QA
fell 0.7 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and Jon Boyle) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
Riyadh's index
The company attributed the rise to higher revenues from property sales and lower operating expenses, such as payroll and consultancy fees.
Analysts at NCB Capital said the surprise came from higher than expected land sales of 570 million riyals versus their estimate of 390 million riyals.
Banks continued their climb with Saudi Hollandi Bank
Investor optimism has been buoyed despite some weak quarterly results. About three-quarters of Saudi's listed companies have so far reported, with generally lower earnings and a few companies missing analysts' estimates by a wide margin
Dubai's main index
DXB Entertainments
Real estate related shares were the main movers on Abu Dhabi's exchange
But Qatar's index
(Reporting by Celine Aswad; Editing by Andrew Torchia and Jon Boyle) ((celine.aswad@thomsonreuters.com)(+9715 62247653)(Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))