DUBAI, Oct 12 (Reuters) - Saudi Arabia's Capital Market Authority (CMA) lifted a one-day suspension on trading of Mobily's 7020.SE shares, the stock market regulator said in a statement on Monday.

It halted trading on Sunday pending the mobile firm's response to the preliminary findings of a panel investigating its restatement of over two years of earnings.

Mobily, part-owned by Abu Dhabi-listed Etisalat ETEL.AD , announced later on Sunday that the CMA had rejected demands by some shareholders for compensation over the steep drop in the firm's stock price. ID:nL8N12B0YQ

The company restated 27 months of earnings to March 31, 2015, slashing its total profits over the period by nearly 1.76 billion riyals ($470 million).

Mobily first revealed there were errors in its financial statements on Nov. 3, 2014, since when its shares have fallen 63 percent.

(Reporting by Katie Paul; Editing by David French) ((Katie.Paul@thomsonreuters.com;))

Keywords: MOBILY STOCKS/