Gulf markets rise on year-end positioning

POSITIVE START: Dubai's stock exchange rose on Tuesday. (Getty Images)

Markets in the UAE closed higher on year-end positioning, extending gains from the previous session.

The Abu Dhabi benchmark gained 1.59 percent to 2,355 points. First Gulf Bank and Abu Dhabi Commercial Bank led gains, rising 3.04 percent and 9.46 percent respectively.

Dana Gas soared 5.26 percent after media reported it had made another gas find in Egypt and that it had a healthy cash position to fund projects despite the global financial downturn and the fall in oil prices.

The Dubai index, the worst-performing bourse in the oil-exporting Gulf Arab region to date this year, closed 0.36 percent higher at 1,639 points.

Emirates NBD rose 4.68 percent, while Dubai Financial Market added 4.07 percent.

Kuwait's main index closed 0.6 percent down at 7,994 points, dragged lower by Mobile Telecommunications Co (Zain), which loses 5.32 percent.

"The dividends Zain announced for this year did not meet investor expectations," a trader said.

Zain, Kuwait's largest company by market capitalisation said on Sunday its board recommended paying a 2008 cash dividend of 50 fils per share, compared to 90 fils in 2007.

Qatar's benchmark closed up 1.08 percent at 6,788 points on year-end positioning.

Commercial Bank of Qatar and Industries Qatar led gains, rising 3 percent and 1.43 percent respectively.

Bahrain's benchmark ended 0.27 percent lower at 1,819 points.

Saudi Arabia's main index ended up 1.71 percent at 4,791 points as investors positioned themselves ahead of the fourth-quarter results season.

Samba Financial Group and Saudi Basic Industries Corp gained 4.18 percent and 1.43 percent respectively.

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