Mideast Stocks: Emiartes NBD lifts Dubai; Saudis extend losses

In Saudi Arabia, the index was down 0.3%. Al Rajhi Bank shed 0.7% and Alinma Bank dropped 1.5%

  

Saudi stocks fell for a second day on Monday as banking shares fell, while Dubai was bolstered by Emirates NBD following strong third-quarter profit.

In Saudi Arabia, the index was down 0.3%. Al Rajhi Bank shed 0.7% and Alinma Bank dropped 1.5%.

Zain Saudi fell 2.6%. On Thursday, the telecoms operator reported a third-quarter net profit of 121 million riyals, up from 48 million riyals a year earlier but down nearly 7% from the second quarter.

Al Hammadi Company For Development And Investment fell 1.3% after it reported a fall in third-quarter net profit.

In Dubai, the index rose 0.3% with its largest lender, Emirates NBD, gaining 0.8%. On Monday, the bank reported an 89% surge in its third-quarter profit as it announced a gain of 4.4 billion dirhams ($1.20 billion) from the initial public offering of its partly owned Network International.

Gains in financial stocks also lifted Abu Dhabi's index, which was up 0.3%. Abu Dhabi Commercial Bank added 2.6% after posting on Sunday a 13% drop in third-quarter profit, in line with analysts' forecasts. They were the second combined results after ADCB merged with Union National Bank and Al Hilal Bank.

In Qatar, the index fell 0.3% with Qatar Fuel Company decreasing 1.6% and Masraf Al Rayan down 1.1%.

The latter reported marginal growth in nine-month net profit to 1.65 billion riyals ($453.30 million), compared with 1.63 billion riyals a year earlier.

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

(Reporting by Shamsuddin Mohd in Bengaluru, editing by Larry King) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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