Dubai's stocks rose yesterday, led by property and construction companies, as the third-quarter earnings season got under way.
Emaar Properties, the developer behind the world's tallest skyscraper, added 0.2 per cent to Dh3.68. Arabtec Holding, gained 2.3 per cent to Dh2.61.
Tamweel, the Islamic mortgage company, rose 0.7 per cent to Dh1.33. The Dubai Financial Market General Index added 0.6 per cent to 1,636.12 points.
"It seems the expectations are pretty good for Q3," said Nabil Al Rantisi, the managing director for brokerage at Menacorp Finance in Abu Dhabi. "Because the market is pricing it in, on property, mainly for Emaar."
Dubai Development, a developer based in the emirate, reported a nine-month profit of Dh128,989 from Dh116,928 in the same period last year boosted by interest earned on fixed deposits. The company did not provide third-quarter figures.
National Bank of Kuwait reported a net income of 108.1 million dinars, beating analyst estimates. The lender reported 78.9m dinars last year.
Analyst consensus had forecast the lender to report a profit of 77m dinars, according to Bloomberg data. Kuwait's main equity index ended 0.4 per cent lower, closing at 5,968.89 points.
Elsewhere in the region: Bahrain's index added 0.1 per cent to 1,065.86; Oman's MSM 30 Index was little changed, down 0.06 per cent, to 5,644.45; Qatar's QE Index was unchanged at 8,478.61. The Saudi Tadawul was closed for the day.