Middle East Stocks Mostly Gain - Banks Boost Saudi Stocks, Egypt Benefits From Pound Devaluation Speculation

10/27/2016 - 19:47 PM

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MidEast shares mostly gained, with Saudi Arabia's main index rising with help from banking shares and Egypt benefiting from speculation of a pound devaluation.

In company news, PetroRabigh said it remained committed to executing a rights issue that it had initially announced last year.

First Gulf Bank said Q3 profit rose to 1.86 billion dirhams ($507 million) from 1.42 billion dirhams in the year-ago period, partly because of gains from real estate sales. That topped the average analyst forecast for 1.37 billion dirhams.

National Bank of Abu Dhabi reported Q3 profit in line with analysts' estimates

Etisalat missed analysts' forecasts for 2.24 billion dirhams with a net profit after a royalty payment of 1.9 billion dirhams.

Aamal said Q3 profits dropped 3.6%.

Gulf International Services said Q3 net profit plunged 87% to 28.3 million riyals ($7.8 million). QNB Financial Services had forecast 78.2 million riyals.

Saudi Arabia's main index firmed 0.9% to 5,936 points, Dubai added 0.4% to 3,318 points, Abu Dhabi gained 0.6% to 4,293 points, Egypt jumped 1% to 8,343 points, Qatar inched up 0.1% to 10,371 points, Kuwait dipped 0.1% to 5,398 points, Oman slipped 0.3% to 5,497 points and Bahrain rose 0.3% to 1,148 points.

 

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