Mixed fortunes for Gulf stock markets

MARKET RISE: Late selling saw Dubai's index close lower on Sunday. (Getty Images)

Late selling led by Aramex sent Dubai lower as the market reverses earlier strong gains, while Abu Dhabi ended the day higher.

Aramex declined 4.88 percent as Dubai's benchmark closed 0.09 percent lower at 1,917 points, having traded more than 1 percent higher earlier on Sunday.

"There are no signs that signal an end to the rally which erupted in mid-July, with the next upside target standing at 2,000 points," said Shuaa Capital in a note.

"We expect this level to trigger profit taking activity especially since none has been observed over the past month."

Abu Dhabi's bourse ended 0.49 percent higher at 2,858 points led by First Gulf Bank which climbed 4.09 percent.

Saudi Arabia's bourse ended lower, led by Saudi Basic Industries Corp (SABIC) and Saudi Arabian Mining Co (Maaden).

This pair fell 0.7 and 2 percent respectively. The kingdom's benchmark eased 0.03 percent to 5,776 points.

Bank Muscat ended 4.79 percent higher and helped Oman extend gains for a sixth consecutive trading day.

Muscat's main index reached its highest close since early December on Thursday.

"Valuations in the Omani market remain reasonable versus their regional peers and we expect the market to continue its gradual recovery over the medium term," said Dubai-based investment bank Rasmala in a report on Sunday.

The benchmark ended 0.47 percent higher at 6,145 points.

Qatar National Bank and Qatar Gas and Transport Co (Nakilat) led Qatar to a higher close for the sixth day out of seven. Kuwait rose while Bahrain fell.

Qatar's index was the Gulf Arab region's biggest gainer on Sunday, climbing 1.4 percent to 6,967 points.

"Decent selling in Nakilat ended a week ago, so the selling pressure has been cleared out," said Julian Bruce, EFG-Hermes director of institutional equity sales.

The stock climbed 2.03 percent and Qatar National Bank 2.52 percent.

In Kuwait, Zain ended 1.59 percent higher after the firm said it was not aware of talks between shareholders and an Asian group after a newspaper reported stake sale negotiations.

The country's benchmark rose 0.43 percent to 7,781 points.

Bahrain's measure eased 0.16 percent to 1,524 points.

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