UAE stocks rise sharply on Q3 earnings

UAE stocks rose sharply on Sunday morning as local investors built positions following a raft of strong third quarter earnings reports. Dubai's benchmark index gained the most in four months, climbing 2.61 per cent to 1,415.93 at 12.15pm, whilst Abu Dhabi's bourse added 1.47 per cent to 2,507.91, its highest level since October 3. Real estate developer Emaar Properties hit a four week high after reporting a 34 per cent drop in Q3 net profit to Dh406 million on Thursday, a smaller decline than analysts had forecast. In the capital, banking stocks saw a lot of interest with Abu Dhabi Commercial Bank jumping 5.54 per cent to Dh3.05 and First Gulf Bank gaining 3.33 per cent to Dh15.50.