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 per cent. Emaar Properties climbed 1.6 per cent to Dh6.93 after the developer reported an 8 per cent rise in second-quarter net profit to Dh1.27 billion, ahead of the Dh1.06bn forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is Dh9.64.
Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 per cent.
Dubai Investments edged up 0.5 per cent. On Monday the conglomerate reported a 2.3 per cent fall in second-quarter net profit to Dh218.4 million.
Abu Dhabi’s index barely moved with Aldar Properties, the largest listed property developer, due to report earnings this week, slipping 0.7 per cent.
Saudi Arabia’s index rose 0.5 per cent in the first 15 minutes of trade as some blue chips were bought. Saudi Basic Industries climbed 0.6 per cent and Islamic lender Al Rajhi Banking rose 1.3 per cent.
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