Abu Dhabi extends gains into second day

STOCKS NEWS: Dubai benchmark rose 0.9 percent in early trading. (Getty Images)

Abu Dhabi's main index extended gains into a second day, ending up 0.4 percent at 3,163 points.

Heavyweight Etisalat rose 0.8 percent. National Bank of Abu Dhabi gained 1.5 percent, while First Gulf Bank added 1.7 percent.

Shares in Abu Dhabi's Waha Capital erased earlier gains that saw the stock surge more than 3 percent, ending unchanged, a day after the firm said it was looking at acquisitions of up to $1bn in the maritime, financial and leasing services sectors.

In Dubai, heavyweight Emaar Properties added the most points to the index, soaring 4.6 percent. On Monday, Deutsche Bank raised its price target on Emaar to AED5.52 from AED5.02, and said dilution risk related to the company's merger with Dubai Holding's entities was overstated.

In addition, the developer said on Monday its planned merger with three state-linked firms would take "a reasonable time" as regulators look into the deal.

The benchmark rose 1.6 percent to 2,273 points, its second day of closing higher.

Saudi Arabia's benchmark closed 0.9 percent higher at 6,341 points, ending higher for the second out of four trading sessions this week.

Heavyweights SABIC and Al Rajhi Bank rose 2.2 percent and 1.3 percent respectively.

Shares in Zain, the Gulf's third-largest telecoms firm by market value, ended 1.5 percent higher.

A day earlier the company's chief executive said they had halted talks to sell its African assets to appease potential buyers of a stake in Zain Group.

Analysts say the stock is likely to experience much volatility as it becomes the target of speculators following the revelation last month that Kuwaiti conglomerate Kharafi Group had agreed to sell 46 percent of Zain to a consortium led by India's Vavasi Group and including telecoms firms Bharat Sanchar Nigam and Mahanagar Telephone Nigam and Malaysian billionaire Syed Mokhtar al-Bukhary.

Kuwait's main index rose 0.8 percent to 7,833 points.

In Qatar, bank stocks rallied, a day after the country's finance minister was quoted as saying Qatar would buy another five percent of local banks' capital in December.

Last October, the country's sovereign wealth fund, the Qatar Investment Authority, said it would buy 10 percent to 20 percent of listed banks' capital to boost confidence.

Qatar's main index ended up 0.9 percent at 7,624 points, led higher by Qatar National Bank, which rose 3.5 percent.

Bahrain's benchmark ended up 0.7 percent at 1,588 points. Bahrain Telecommunications Co (Batelco) rose 0.8 percent, while Ahli United Bank gained 1 percent.

Oman's index rose 0.6 percent to 6,723 points. National Bank of Oman and Bank Muscat gained 0.9 percent and 0.8 percent. (Reuters)

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