DUBAI, Oct 11 (Reuters) - Positive third-quarter earnings from Qatar’s largest listed stock helped boost Doha’s index in early trade on Tuesday, while crude oil prices near one-year highs boosted sentiment in Saudi Arabia’s petrochemical sector.
Qatar National Bank gained 0.7 percent after it reported a 10.2 percent increase in third-quarter net profit. The main market index was up 0.4 percent.
The bank posted a profit of 3.45 billion riyals ($947.5 million) compared with 3.13 billion riyals in the corresponding period of 2015. Three analysts polled by Reuters had on average forecast 3.26 billion riyals.
Dubai’s main index was up 1.0 percent, with Drake & Scull, the most heavily traded stock, up 3.4 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 1.3 percent. On Monday the developer started building what it said would be the world’s tallest tower, another record for the company that built the highest skyscraper, Burj Khalifa.
In Saudi Arabia, Riyad Bank, the first Saudi bank to report third-quarter earnings, dropped 2.1 percent after it posted an 18.9 percent fall in third-quarter net profit as costs rose.
It made 729 million riyals ($194.4 million) in the three months to Sept. 30, down from 899 million riyals in the same period of 2015. Five analysts polled by Reuters had on average forecast 1.05 billion riyals.
But the main Saudi stock index was up 0.7 percent after 20 minutes of trade, buoyed by petrochemical shares after Brent oil futures surged as much as 3 percent on Monday. They are holding just over $53 a barrel on growing expectations for an output cut by OPEC producers.
Saudi Basic Industries, the largest listed petrochemical producer, added 0.6 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Alison Williams)