MIDEAST STOCK MAR­KETS

Kuwait Times - - BUSINESS -

In Qatar the main in­dex closed up 0.3 per­cent as Qatar Na­tional Bank, the largest listed share, gained 0.5 per­cent af­ter it re­ported a 10.2 per­cent in­crease in third-quar­ter net profit to 3.45 bil­lion riyals ($947.5 mil­lion). Aa­lysts had forecast 3.26 bil­lion riyals.

Dubai’s main in­dex rose 1.0 per­cent as nine­tenths of traded stocks ad­vanced. Drake & Scull, the most heav­ily traded stock, jumped 4.2 per­cent; the builder had surged 7.0 per­cent on Mon­day af­ter ap­point­ing a new chief op­er­at­ing of­fi­cer, Wael Al­lan, re­plac­ing Khal­doun Tabari, a ma­jor share­holder.

Emaar Prop­er­ties climbed 0.6 per­cent. On Mon­day the de­vel­oper started build­ing what it said would be the world’s tallest tower, an­other record for a com­pany that built the high­est sky­scraper, Burj Khal­ifa.

Blue-chips helped lift Kuwait’s general in­dex 1.1 per­cent. Na­tional Bank of Kuwait, the largest Kuwaiti lender, rose 1.7 per­cent and telecom­mu­ni­ca­tions op­er­a­tor Zain added 1.5 per­cent. But Abu Dhabi’s in­dex lagged, dipping 0.3 per­cent. Large-cap banks were the main drag with First Gulf Bank drop­ping 1.7 per­cent.

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