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RIYADH, Oct 24 (Reuters) - Saudi Arabia's stock market continued rallying early on Monday after last week's big international bond sale by the government boosted sentiment, but other Gulf markets were soft after some weak third-quarter earnings.
The Saudi stock index
.TASI
rose 0.8 percent in the first hour. It underperformed the region earlier this year as low oil prices and government austerity measures hit the economy hard, so may now have more room to snap back.
Petrochemical and industrial firm Alujain
2170.SE
jumped 6.1 percent after it said it would distribute a 0.5 riyal per share dividend for 2016 - its first dividend since 1998.
Retail chain Jarir Marketing
4190.SE
gained 3.5 percent after chairman Muhammad Alagil told Reuters that the retail sector's slump might be near ending: "We think the sharp decline is fundamentally over, or will be over by the end of this year."
The stock had dropped 45 percent year-to-date. Alagil said it was excessively cheap and he didn't exclude the possibility of a share buy-back, though he stressed this would depend on the board's decision.
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Dubai's index
.DFMGI
edged down 0.1 percent in line with a lacklustre global market trend. Deyaar Development
DEYR.DU
fell 0.2 percent despite reporting a 22.5 percent jump in third-quarter profit; revenue for the period soared five times.
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Abu Dhabi
.ADI
also slipped 0.1 percent. Abu Dhabi Commercial Bank
ADCB.AD
initially dropped after reporting a 17 percent fall in third-quarter profit to 999.1 million dirhams ($272 million); three analysts polled by Reuters had on average forecast 1.10 billion dirhams. But the stock then rebounded in active trade to stand 0.2 percent higher.
In Qatar, the index
.QSI
dropped 0.3 percent as petrochemicals, metals and fertiliser producer Industries Qatar
IQCD.QA
fell 1.4 percent after posting a 28.9 percent drop in third-quarter net profit to 759.7 million riyals ($208.7 million). Analysts had forecast 996.6 million riyals.
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(Reporting by Andrew Torchia; Editing by Toby Chopra) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Saudi stock index
Petrochemical and industrial firm Alujain
Retail chain Jarir Marketing
The stock had dropped 45 percent year-to-date. Alagil said it was excessively cheap and he didn't exclude the possibility of a share buy-back, though he stressed this would depend on the board's decision.
Dubai's index
Abu Dhabi
In Qatar, the index
(Reporting by Andrew Torchia; Editing by Toby Chopra) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))