Dubai strong on Emaar Malls, Aramex earnings, Gulf mostly quiet

DUBAI, Feb 13 (Reuters): Dubai's stock market rose in early trade on Tuesday after Emaar Malls and Aramex reported strong earnings, but most of the Gulf was quiet, gaining little momentum from the rise of Wall Street and other global markets.
The Dubai index added 1.0 per cent as Emaar Malls, the emirate's flagship mall operator, rose 3.1 per cent after reporting a 27 per cent gain in fourth-quarter net profit to 574 million dirhams ($156 million). SICO Bahrain had forecast 499 million dirhams.
Courier Aramex jumped 4.6 per cent after it reported a 25 per cent rise in fourth-quarter net profit to 165 million dirhams, beating SICO Bahrain's estimate of 115 million dirhams. For the full year, profit increased only 2 per cent.
The Saudi index edged up only 0.1 per cent although Riyadh Bank gained 2.1 per cent after reporting a leap in quarterly profit to 974 million riyals from 293 million riyals a year ago. It cited lower impairment charges for credit losses; analysts polled by Reuters had on average predicted a profit of 732 million riyals.