Real estate lifts Abu Dhabi, Bahrain extends fall

Property shares led Abu Dhabi's main index to close higher for a second day, with Sorouh Real Estate and Aldar Properties rising 2.49 percent and 1.59 percent respectively.

National Bank of Abu Dhabi climbed 1.19 percent. "There have been big buying orders on Aldar due to expectations of good profits," said Fadi Mansour, a sales manager at Al-Futtaim HC Securities.

The index closed 0.42 percent higher at 5,005.70 points. Real estate shares led Dubai's main index higher initially before banking shares steered the market to a lower close.

Emirates NBD closed 1.27 percent lower and Dubai Islamic Bank fell 1.57 percent. Dubai's index, which is down 8 percent this year, declined 0.36 percent to 5,437.54 points.

Qatar's main index rose 0.13 percent to 11,782.63 points led by shares of Qatar Gas Transport Co which rose 1.69 percent and Qatar Shipping which advanced 2.25 percent. Shares of Qatar Meat & Livestock Co fell 6.50 percent.

"Some of the liquidity, especially from institutions, is focused on other regional markets," said Samer Al-Jouani, general manager of Middle East Financial Brokerage Co.
"Volumes keep declining every day."

"Until we get Industries Qatar's results the market will still trade in a narrow range."

Qatar is the Gulf Arab region's second-best performing index after Oman.

Kuwait's main index fell 0.26 percent to 14,887.80 points led by shares of Al Ahli Bank and National
Mobile Telecommunications Co which fell 1.75 percent and 4.5 percent respectively.

"I don't expect any strong performance in the foreseeable future because earnings are in line with market expectations," said Rami Sidani, head of Middle East investments at Schroders investment bank.

"The banking sector which used to lead the market is trading at expensive valuations ... Kuwait is expected to underperform other banks in the region."

Bahrain's main measure closed lower for a fourth day, led by shares of Gulf Finance House and Albaraka
Banking Group which eased 0.78 percent and 0.82 percent respectively. The index ended down 0.19 percent at 2,819.58 points.

Oman's bourse was closed on Thursday for a public holiday.

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