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DUBAI, Oct 12 (Reuters) - Gulf stock markets consolidated in quiet trade early on Wednesday but Saudi banks rose after a major lender posted earnings in line with estimates.
The Saudi stock index
.TASI
gained 0.4 percent in the first 75 minutes of trade as the banking sector index
.TBFSI
rose 0.7 percent.
Banque Saudi Fransi
1050.SE
, the second major Saudi lender to report third-quarter earnings, gained 2.8 percent after it posted a net profit of 1.01 billion riyals ($269 million), a 1.0 percent dip from the same period last year. That was in line with analysts' average expectation of 1.04 billion riyals. The bank cited higher expenses and impairment charges.
Riyad Bank
1010.SE
dropped earlier this week when it posted an 18.9 percent fall in third-quarter profit, missing analysts' forecasts, so Saudi Fransi's results reassured the sector. Riyad shares were up 0.5 percent on Wednesday morning.
Telecommunications firm Zain Saudi
7030.SE
climbed 4.2 percent after it signed letter of intent with a unit of utility Saudi Electricity Co (SEC)
5110.SE
to use SEC's fibre optic network, conduct mutual marketing of products and services, and obtain new locations for telecommunications towers.
Last week government said it would provide telecommunications operators with "unified licences" allowing them to offer a full range of services; analysts said this could help Zain Saudi compete against market leader Saudi Telecom
7010.SE
, which was down 0.5 percent on Wednesday morning.
ID:nL5N1C91AF
Dubai's index
.DFMGI
edged down 0.3 percent after global markets pulled back but construction firm Drake & Scull
DSI.DU
, the most heavily traded stock, was up for a third straight day after it replaced its chief executive. The stock gained 1.2 percent.
Abu Dhabi's index
.ADI
dropped 0.3 percent as Abu Dhabi Commercial Bank
ADCB.AD
fell 1.1 percent, but Abu Dhabi National Energy Co
TAQA.AD
added 5.2 percent.
Qatar
.QSI
slipped 0.4 percent as Qatar National Cement
QANC.CA
lost 1.3 percent after reporting that profit for the first nine months of this year had edged down 1 percent.
(Reporting by Andrew Torchia; Editing by Raissa Kasolowsky) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Saudi stock index
Banque Saudi Fransi
Riyad Bank
Telecommunications firm Zain Saudi
Last week government said it would provide telecommunications operators with "unified licences" allowing them to offer a full range of services; analysts said this could help Zain Saudi compete against market leader Saudi Telecom
Dubai's index
Abu Dhabi's index
Qatar
(Reporting by Andrew Torchia; Editing by Raissa Kasolowsky) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))