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DUBAI, Oct 27 (Reuters) - Banking shares that had been beaten down earlier this month by fears of slowing global economic growth headed for a seventh day of gains on Thursday, boosting Gulf stock markets despite weakness in Asian bourses and oil prices.
The Saudi bank sector has been strong since last week's big international bond sale by the government partially eased fears about a liquidity drought in the economy, and on Thursday morning the sector index .TBFSI
was up 1.4 percent.
This helped the overall Saudi stock market index .TASI
climb 0.8 percent. Most petrochemical shares underperformed but PetroRabigh 2380.SE
added 4.4 percent after saying it remained committed to executing a rights issue.
Abu Dhabi's First Gulf Bank FGB.AD
rose 2.3 percent after reporting a rise in third-quarter net profit to 1.86 billion dirhams from 1.42 billion, partly because of gains from real estate sales. Analysts' average forecast was for 1.37 billion.
National Bank of Abu Dhabi NBAD.AD
climbed 1.2 percent after reporting a flat third-quarter profit in line with analysts' estimates, and Abu Dhabi's main stock market index .ADI
rose 0.6 percent.
However, telecommunications operator Etisalat ETEL.AD
edged down 0.3 percent after missing analysts' forecasts with a net profit after a royalty payment of 1.9 billion dirhams. Analysts polled by Reuters had expected 2.24 billion dirhams. urn:newsml:reuters.com:*:nL8N1CW5RF
Dubai's index .DFMGI
gained 0.5 percent as Dubai Islamic Bank DISB.DU
rose 0.8 percent. Emaar Properties EMAR.DU
climbed 1.2 percent.
Qatar's index .QSI
edged up 0.2 percent as Qatar National bank QNBK.QA
added 0.4 percent. But investment firm Aamal AHCS.QA
, the most heavily traded stock, fell 1.4 percent after reporting a 3.6 percent drop in third-quarter profit. urn:newsml:reuters.com:*:nD5N1CO00E
Gulf International Services GISS.QA
sank 3.1 percent after reporting an 87-percent fall in third-quarter net profit to 28.3 million riyals ($7.8 million). QNB Financial Services had forecast 78.2 million riyals. urn:newsml:reuters.com:*:nL8N1CW7SG
(Reporting by Andrew Torchia; Editing by Louise Ireland) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Saudi bank sector has been strong since last week's big international bond sale by the government partially eased fears about a liquidity drought in the economy, and on Thursday morning the sector index
This helped the overall Saudi stock market index
Abu Dhabi's First Gulf Bank
National Bank of Abu Dhabi
However, telecommunications operator Etisalat
Dubai's index
Qatar's index
Gulf International Services
(Reporting by Andrew Torchia; Editing by Louise Ireland) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))