Dubai market reverses weakness; Saudi ends up

BOND SHARE: IPIC is converting 1.5bn dirhams of bonds into shares, giving it 36% stake in Aabar.(Getty Images)

Dubai Financial Market ended 14.81 percent higher leading the index higher which reversed earlier weakness.

"It's mostly on optimism on the news that Borse Dubai's obligations are being met," said Rami Sidani, head of investment for the Middle East and North Africa at Schroders.

Union Properties ended 12.12 percent higher.

The index rises 1.81 percent to 1,519 points.

MEED on Tuesday reported that state-run Borse Dubai will receive $1 billion from the UAE federal government to avoid defaulting on a $3.4 billion loan.

Abu Dhabi's bourse ADI ended 0.1 percent higher at 2,203 points led by First Gulf Bank which soared 9.88 percent.

Saudi Arabia:

Saudi Arabia's bourse rallied sharply in late trading led by Saudi Basic Industries Corp (SABIC) and Al Rajhi Bank which climbed 3.15 percent and 2.3 percent respectively.

The benchmark TASI snapped a three day losing run ending 1.81 percent higher at 4,773 points.

"The market dropped sharply yesterday so it's offsetting the the losses," says Abdullah Al Rashood, chief executive of KSB Capital.

Qatar:

Commercial Bank of Qatar ended 9.91 percent lower and Industries Qatar fell 3.93 percent as the country's index QSI declined four percent to 4,944 points.

Kuwait:

"There has been a sell-off in equities across the globe which has affected the region. The market is very illiquid in Qatar and so it doesn't take much to cause a sharp sell-off," said Shahid Hameed, head of asset management, Gulf, at Global Investment House.

"We have also broken below the 5,000 point level which is a key psychological support level."

Kuwait's benchmark KWSE ended 0.17 percent higher at 6,621 points boosted by Kuwait Cement Co which rallied 15.79 percent.

Bahrain:

Bahrain's bourse BAX eased 0.03 percent to 1,607 points.

Oman:

Banks lead Oman's bourse to a lower close as it falls after three trading days of gains.

Bank Muscat shed 4.11 percent and National Bank of Oman ended 9.37 percent lower.

The index MSI eased 0.62 percent to 4.918 points.

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