Oman, Kuwait end higher; UAE slips

PULL BACK: Kuwaiti banks rose in early trade ahead of expected gov't rescue plan on Monday. (Getty Images)

Property stocks dragged UAE bourses to a lower close, with Emaar falling 4.59 percent in Dubai and Sorouh dropping 6.25 percent in Abu Dhabi.

"The news flow continues to be very negative in the UAE, especially in the real estate sector," says Shahid Hameed, head of Gulf asset management at Global Investment House.

Dubai's benchmark DFMGI fell 2.17 percent to 1,487 points.

Dubai Islamic Bank also weighed on the index, falling 5.68 percent.

Abu Dhabi's benchmark ADI lost 1.32 percent to 2,226 points.

National Bank of Abu Dhabi declined 5.1 percent.

Kuwait's index KWSE ended higher as stocks rally ahead of an expected government rescue plan on Monday. Qatar and Bahrain both fell.

Kuwait Finance House and National Bank of Kuwait surged 8.47 percent and 5.56 percent respectively.

"The Kuwaiti market is rising in anticipation of a broad-based economic plan from the government," said Shahid Hameed, head of Gulf asset management at Global Investment House.

"Future direction will depend on what sort of package comes through and how quickly the government can introduce it."

The index KWSE was up 1.15 percent at 6,842 points.

Qatar's benchmark QSI fell 0.16 percent to 5,244 points led by Qatar Gas Transport Co (Nakilat) and Barwa Real Estate which fell 1.23 percent and 1.75 percent respectively.

Muscat's benchmark MSI ended 1.14 percent higher as investor confidence is lifted on the first day of operations for the country's 150 million rial market-maker fund.

National Bank of Oman and Galfar Engineering and Contracting Co climbed 2.11 percent and 2.06 percent respectively.

Oman said in November it would create the fund in partnership with the private sector to stabilise the stock market.

The country's index MSI ended at 4,868 points.

Saudi Basic Industries Corp (SABIC) fell 1.67 percent and Saudi Arabian Fertlizers Co declined 2.69 percent, leading the kingdom's index TASI to close 0.89 percent lower at 4,765 points.

Bahrain's index BAX fell 0.52 percent to 1,646 points. (Reuters)

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