Saudi outperforms on Q3 results, Dubai ends losing streak

Saudi Arabia's stock market rose sharply on Tuesday, outperforming other regional markets on the back of strong corporate earnings, while Dubai rebounded through gains in financials and property shares, reports Reuters.
The Saudi benchmark index added 1.4 per cent with Al Rajhi Bank increasing 2.8 per cent and Alinma Bank leaping 4.9 per cent, its biggest intraday gain since April.
The latter reported a rise in third-quarter profit to 713 million riyals ($190.10 million) compared to 637 million a year earlier.
Among other lenders, Bank Albilad jumped 4.5 per cent after it reported strong third-quarter earnings on Monday.
National Shipping Company of Saudi Arabia rose 2.8 per cent. On Monday, the firm posted a more than 80 per cent surge in third-quarter net profit, which it attributed to higher returns from operating segments powered by growth in logistics services.