Property stocks boost Dubai's index

STOCKS NEWS: Kuwait's main index fell 0.4 percent in early trading. (Getty Images)

Property stocks helped Dubai's index reverse early-trade losses to end 1.3 percent higher at 2,191 points.

Bellwether stock Emaar Properties and Union Properties added 2.5 percent and 2 percent respectively.

Saudi's main index traded 0.7 percent higher at 6,322 points, tracking a strong session in Europe on hopes of a major economic recovery.

Alinma and Saudi Basic Industries , both heavily traded, gained 0.8 percent and 0.3 percent, boosting the index.

Samba Financial Group was among the strongest gainers, climbing 4.9 percent. Morgan Stanley named the stock one of its top picks in the Saudi banking sector.

In Abu Dhabi, the main index ended 0.1 percent lower at 3,124 points.

Several banking stocks traded lower, including Abu Dhabi Commercial Bank and First Gulf Bank, which both retreated around 2.4 percent.

The Abu Dhabi Securities Exchange has directed banks to provide details of exposure and provisions taken against two troubled Saudi companies.

"From an investor perspective the more information the better," said Haissam Arabi, CEO and Fund Manager of Gulfmena Alternative Investments.

"I'd like to know what is going on because (the market) is overshadowed because of the lack of clarity on Saad & Gosaibi," he added.

Markets in Kuwait and Qatar fell, as some banking stocks gave up gains from a run-up in recent sessions.

In Kuwait, the main index fell 0.2 percent to 7,817 points, while Qatar's bourse retreated 0.6 percent to 7,414 points.

Banks in the two markets were mixed as some lenders underwent a correction following strong gains in recent days.

Gulf Bank fell 5.5 percent, while United Gulf Bank gained 4.4 percent.

Qatar National Bank also bucked the negative trend and climbed 0.8 percent, while Qatar International Islamic Bank fell 3.1 percent.

Bahrain's main index edged 0.1 percent higher to 1,555 points amid low volumes.

Qatari banks weighed on the main index which traded 0.4 percent lower to 7,425 points.

Qatar Islamic Bank and Masraf Al Rayan fell 1.2 percent and 0.8 percent respectively.

"We're seeing some profit taking after the banking sector's recent rally," said Samer al-Jaouni, General Manager of Middle East Financial Brokerage Co.

He predicted that the services sector could catch up with a recent rally in banking and industrial stocks.

Oman's main index fell 0.4 percent to 6,573 points, as banking stocks fell on some profit taking after a recent rally.

Bank Muscat and Bank Dhofar declined 1.4 percent and 1 percent respectively.

Omantel was the only blue chip that ended in positive territory, gaining 0.6 percent.

Bahrain's benchmark climbed 0.2 percent to 1,556 points, as gains at Bahrain Telecom Company were partly offset by Gulf Finance House, which traded 2.5 percent lower.

Trading activity in Bahrain was subdued with less than 10 stocks exchanging hands. (Reuters)

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