DUBAI
Banks led the Saudi Arabian stock market higher on Thursday after Riyad Bank reported better-than-expected earnings for the third quarter.
Riyad Bank gained 6.2 per cent after reporting a 47.7 per cent 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 per cent.
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 per cent.
Qatar’s index rose 0.3 per cent as Qatar Islamic Bank gained 1.5 per cent after reporting a 10.9 per cent jump in third-quarter net profit, in line with analysts’ forecasts.
In Egypt, the blue-chip index gained 0.9 per cent.
Alexandria Flour Mills surged 10 per cent 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 per cent 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.
