UAE benchmarks end higher after global rise

STOCK WATCH: Oman's index MSI finished lower for the first session in three. (Getty Images)

Gains in global markets lifted the Dubai and Abu Dhabi benchmarks.

Property stocks were the main gainers after sharp declines this week, with Emaar Properties rising 2.7 percent and Union Properties climbing 2.3 percent. The latter lost more than a quarter of its value in the preceding four trading days. Dubai's index rose 1.4 percent to 1,813 points.

"Volatility is likely to continue -- Dubai has more liquid stocks, while many of Abu Dhabi's large caps are banks that don't trade very much," said Chamel Sahmy, Beltone Financial regional senior sales trader.

He said regional markets will continue to track global markets, with little major local news anticipated during the Muslim holy month of Ramadan, which is forecast to start on Friday.

In Abu Dhabi, Aldar Properties and Sorouh Real Estate climbed 3.9 and 2.9 percent respectively. RAK Properties was the UAE capital's most active stock and it climbed 1.4 percent. Dana Gas was the second most-traded listing and it ended unchanged after a late fall.

Together, this pair accounted for almost half of all shares changing hands on the index. They were among the top five lowest-priced stocks and so were favourites of day traders, who can shift large volumes at relatively low cost to chase a quick profit on movements of a few fils.

Oman:

Oman's index MSI finished lower for the first session in three as volumes slumped to a five-week low.

Declines were minor, with the three largest stocks - Oman Telecommunications Co (Omantel), Bank Muscat and Bank Dhofar all falling less than one percent.

The index slipped 0.3 percent to 6,115 points.

"The market started strongly on positive news from oil prices and gains in other Gulf markets," said Adel Nasr, United Securities brokerage manager.

"By the middle of the session there was selling pressure on Bank Muscat, which usually comes from foreign investors, but the stock found strong support and was able to rebound slightly."

Bahrain:

Bahrain's measure BAX was unchanged at 1,508 points.

Kuwait:

Kuwait's index KWSE closed lower for the fourth session running, while Qatar's benchmark QSI rose for the first time this week in subdued trading across the Gulf Arab region.

Kuwait's Zain fell 5.5 percent after Al Mal Capital said the mobile operator was unlikely to get the price it seeks for selling its African assets, cutting the stock to underperform.

Rival operator National Mobile Telecommunications Co dropped 4.9 percent on slim volumes.

Kuwait's index fell 0.6 percent to 7,844 points, a 10-day low.

Qatar:

Banks helped Qatar's benchmark end a four-session losing streak. Qatar Islamic Bank and Commercial Bank of Qatar rose 1 and 0.9 percent respectively.

The index edged up 0.2 percent to 6,691 points, its first gain since Aug 13, despite volumes slumping to a seven-month low. (Reuters)

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