MIDEAST STOCKS-Emaar Q2 results support Dubai, Saudi edges higher

Dubai's stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock

  
Flags for property company EMAAR, builders of Burj Dubai the world's tallest tower, are seen in Dubai.

Flags for property company EMAAR, builders of Burj Dubai the world's tallest tower, are seen in Dubai.

REUTERS/Steve Crisp
DUBAI, Aug 1 (Reuters) - Dubai's stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock, while Saudi Arabia's index edged up as investors bought shares on recent price dips.

Dubai's index was up 0.7 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer reported an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million), ahead of the 1.06 billion dirhams forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is 9.64 dirhams.

Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 percent.

Dubai Investments edged up 0.5 percent. On Monday the conglomerate reported a 2.3 percent fall in second-quarter net profit to 218.4 million dirhams.

Abu Dhabi's index barely moved with Aldar Properties , the largest listed property developer, due to report earnings this week, slipping 0.7 percent.

Saudi Arabia's index rose 0.5 percent in the first 15 minutes of trade as some blue chips were bought. Saudi Basic Industries climbed 0.6 percent and Islamic lender Al Rajhi Banking rose 1.3 percent.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))


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