DUBAI- Banks led the Saudi Arabian stock market higher on Thursday after Riyad Bank
reported better-than-expected earnings for the third quarter, while builder Drake & Scull jumped in Dubai. Riyad Bank
gained 6.2 percent after reporting a 47.7 percent year-on-year rise in third-quarter net profit to 1.08 billion riyals ($288 million); analysts polled by Reuters
had on average forecast 852.5 million riyals.
It was one of the first Saudi banks to report quarterly earnings -- Alinma Bank beat analysts' estimates slightly on Sunday -- so the news buoyed the sector in general. Eleven of 12 listed Saudi banks rose on Thursday.
The Saudi stock index climbed 1.0 percent. Petrochemical firm Saudi Kayan
, which reported a rise in profit to 381 million riyals compared to analysts' average forecast of 129 million riyals, surged 5.0 percent.
In Dubai, Drake & Scull, which has attracted renewed interest since it completed a capital restructuring early this month, gained 5.3 percent to 2.01 dirhams in heavy trade. It has climbed by more than a third since early October.
In Abu Dhabi, Dana Gas
added 2.7 percent after saying its operations and production in Iraqi Kurdistan were continuing as normal, following the Iraqi military's retaking of some of the biggest oil fields from Kurdish Peshmerga forces.
Qatar's index rose 0.3 percent as Qatar Islamic Bank gained 1.5 percent after reporting a 10.9 percent jump in third-quarter net profit, in line with analysts' forecasts.
In Egypt, the blue-chip index gained 0.9 percent. Alexandria Flour Mills
surged 10 percent after announcing a 3.15 Egyptian pound cash dividend, to be paid to holders as of Nov. 6.
Electro Cable Egypt gained sharply for a second straight day, jumping 9.7 percent to 1.02 pound in its heaviest trade since March 2014, and rising above technical resistance on the January and December peaks of 0.95 pound.
* The index added 1.0 percent to 7,011 points.
* The index climbed 0.8 percent to 3,673 points.
* The index edged up 0.1 percent to 4,505 points.
* The index rose 0.3 percent to 8,172 points.
* The index gained 0.9 percent to 13,721 points.
* The index rose 0.2 percent to 6,633 points.
* The index edged up 0.04 percent to 1,279 points.
* The index fell 0.5 percent to 5,067 points.
(Reporting by Andrew Torchia; Editing by Catherine Evans) ((email@example.com)(+9715 6681 7277)(Reuters