Emaar Q2 results support Dubai, Saudi edges higher

Construction cranes are seen at site of Palm Jumeirah by Nakheel property company, an artificial island created by using land reclamation in Gulf emirate of Dubai, United Arab Emirates, 26 November 2008. Chairman Mohamed Alabbar of Emaar, one of the world's largest real estate companies has said it is time for Dubai's real estate sector to 'unite and collaborate'. About 70 percent of Dubai property projects are controlled by three companies - Emaar, Nakheel and Dubai Holding, and this, he said, was good for the strength of the market. Alabbar admitted property prices were slipping, but described the fall as healthy. EPA/ALI HAIDER

 

DUBAI / Reuters

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 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer reported an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million), ahead of the 1.06 billion dirhams forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is 9.64 dirhams.
Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 percent.
Dubai Investments edged up 0.5 percent. On Monday the conglomerate reported a 2.3 percent fall in second-quarter net profit to 218.4 million dirhams.
Abu Dhabi’s index barely moved with Aldar Properties , the largest listed property developer, due to report earnings this week, slipping 0.7 percent.
Saudi Arabia’s index rose 0.5 percent in the first 15 minutes of trade as some blue chips were bought. Saudi Basic Industries climbed 0.6 percent and Islamic lender Al Rajhi Banking rose 1.3 percent.

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