Abu Dhabi index touches year-high during trading

STOCKS NEWS: Kuwait index inched up in early trading. (Getty Images)

Abu Dhabi's benchmark ended higher, led by banks, as investors anticipate good third-quarter results while Dubai slips after hitting a year-high during the session.

Abu Dhabi's index ended the day 1.3 percent higher at 3,204 points touching a year-high during the session with First Gulf Bank and National bank of Abu Dhabi ending 3.2 percent and 1.5 percent up respectively.

"The flow of finance in the economy is picking up again and banks foresee solid earnings in Q3 but the results may be overshadowed by exposures to Saad and Algosaibi groups," said Matthew Wakeman, head of cash and equity linked trading at EFG Hermes.

Dubai's index could not sustain early gains, closing down 0.4 percent at 2,266 as investors booked profits late in the session.

Dubai Financial Market and Union Properties led falls, ending 2.4 percent and 1.8 percent lower.

Qatar's main share index ended down, led by financial stocks, and tracking other markets in the Gulf Arab region which is gearing up for the announcement of third-quarter earnings.

The index closed 0.37 percent lower at 7,596.32 points after seven of the 20 listed firms ended higher.

Market heavyweight Industries Qatar added 0.6 percent. But these gains were offset by declines that mainly affected the financial sector.

National Leasing Co leds losers with a 2.01 percent drop and Qatar Commercial Bank, Qatar Islamic Bank and Qatar Islamic Insurance shed 1.83, 0.88 and 0.59 percent respectively.

Kuwaiti shares rose 0.63 percent, driven by Zain ending 2.9 percent up.

Bahrain's benchmark ended up 0.7 percent.

Meanwhile, Oman shares ended sightly lower with stocks from various sectors showing mixed performances ahead of the publication of third-quarter earnings.

The all-share index closed 0.02 percent lower at 6,708.5 points after 25 out of the 31 listed firms ended in the red.

Renaissance Services made the day's strongest gains adding 3.84 percent while Bank Sohar fell 1.76 percent. Jazeera Steel ended 3.95 percent lower.

Shares of Saudi Basic Industries Corp weighed on Saudi Arabia's benchmark.

The index, which hit a year-high during the session, closed 0.4 percent lower at 6,315 points.

SABIC ended 1.5 percent dowm, while Al-Rajhi Bank closed 0.3 percent lower. (Reuters)

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