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MIDEAST STOCKS-Emaar pulls Dubai down, Saudi flat early on – Kitco News

DUBAI, Oct 22 (Reuters) – Emaar Properties pulled Dubai’s stock market lower in early trade on Sunday while Saudi Arabia was flat after a string of corporate earnings.

The Dubai index lost 0.5 percent as Emaar fell 0.9 percent after saying it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer.

Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company.

It did not say on Sunday why the sale was expected to be only 20 percent.

GFH Financial climbed 1.8 percent and was Dubai’s most heavily traded stock after the United Arab Emirates securities regulator approved the listing of Bahrain’s Khaleeji Commercial Bank , subject to approval by the Bahrain central bank.

GFH owns 47 percent of Khaleeji, and has long been aiming to list the bank in Dubai. Shares in Dubai’s Shuaa Capital , which owns 14 percent of Khaleeji, were flat; Khaleeji shares are untraded in Bahrain.

In Saudi Arabia, the index moved sideways. Al Rajhi Bank rose 0.8 percent after posting a third-quarter profit of 2.27 billion riyals ($605 million), up from 2.01 billion a year earlier and in line with analysts’ estimates.

But Bank Albilad’s fell 1.0 percent after reporting a quarterly profit of 248.1 million riyals, up from 227.8 million riyals and also in line with forecasts.

Dairy firm Almarai climbed 1.1 percent after its quarterly net profit of 667 million riyals, versus 664.3 million a year earlier, beat the 621 million riyal forecast on average by analysts in a Reuters poll.

In Abu Dhabi, the index edged down 0.1 percent but Eshraq Properties rose 1.3 percent after reporting a third-quarter net profit of 685,000 dirhams ($187,000) after a year-earlier loss of 48.5 million dirhams.

Qatar’s index was down 0.2 percent but Qatar First Bank , which has been trading near its lowest levels since it listed in April 2016, jumped 4.4 percent and was the most heavily traded stock.

(Reporting by Andrew Torchia; editing by Jason Neely)

MIDEAST STOCKS-Emaar pulls Dubai down, Saudi flat early on – Kitco News}

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