Banks, real estate stocks lead UAE markets higher

STOCKS NEWS: Dubai Financial Market. (Getty Images)

Markets in the UAE ended higher, led upwards by bank and real estate stocks.

In Dubai, Emaar Properties rose 2.7 percent, lifting the benchmark to end up 2.02 percent at 2,237 points.

"Dubai has now broken above the 2,230 point level, so technically speaking ... this is encouraging some individual speculators to enter the market," Jaouni says.

They were targetting smaller stocks that did not benefit as much from a broader rally seen in sectors such as real estate, Jaouni said. They included firms such as Dubai Financial Market (DFM), which added 4.2 percent, and Gulf Navigation, which rose 3.6 percent.

Arabtec ended up 4.2 percent.

In Abu Dhabi, banks stocks led the index to close up 0.74 percent at 3,151 points.

First Gulf Bank, Abu Dhabi Commercial Bank and National Bank of Abu Dhabi gained 4.1 percent, 2.1 percent and 0.8 percent respectively.

Qatar's benchmark closed up 0.53 percent at 7,557 points, extending two days of gains.

Heavyweight Industries Qatar added the most points to the index, rising 1.0 percent.

Barwa Real Estate, which has risen more than 17 percent since August 20, last traded 0.8 percent up at 36.40 riyals.

Kuwait's benchmark closed 0.2 percent lower at 7,771 points. Zain lost 2.9 percent, a day after posting its biggest one-day gain since August 11.

Bahrain's benchmark rose 0.1 percent to 1,577 points.

Saudi Arabia's benchmark ended 0.3 percent lower at 6,282 points higher, led lower by Samba Financial Group, which declined 2.2 percent.

The index has fallen lower only twice in the last 13 sessions.

Yanbu Cement Co. slipped 5.9 percent after posting an almost 20 percent drop in third-quarter net profit on Monday.

Oman's main index ended higher for the third session in a row, rising 0.7 percent to 6,681 points. (Reuters)

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