Dubai index sees highest close since Nov 2008

STOCK NEWS: Dubai index fell in early trading. (Getty Images)

Dubai heavyweight Emaar Properties ended up 2.9 percent, leading the index up 0.7 percent to 2,342 points, its highest close since November 2008.

The benchmark has rallied more than 43 percent since mid-July.

"It's getting to the stage now where stocks in Dubai have priced in the best that we can hope for from Q3 results and as such the question 'so now what' comes into play," Matthew Wakeman, director of cash and equity linked trading at EFG-Hermes in Dubai, says in a research note.

"Blowout earnings will provide some juice to the upside on a stock specific basis but for the majority it's developing into a `buy the rumour sell the fact scenario in my view," he adds.

In Abu Dhabi, the benchmark closed down 0.4 percent at 3,218 points, just off a new 11-month high reached in the previous session.

Abu Dhabi Commercial Bank took the most points off the index, declining 3.4 percent.

Saudi Arabia's benchmark index closed almost unchanged, up 0.01 percent at 6,400 points.

Bank stocks declined as did heavyweight Saudi Basic Industries Corp (SABIC), which lost 0.9 percent.

Al Rajhi Bank and Arab National Bank fell 1.3 percent and 0.8 percent respectively.

Shares in real estate developer Dar al-Arkan rose 2.2 percent, a day after the firm announced a new $2 bln residential project in the Saudi city Jeddah.

Kuwait's Zain ended 4.3 percent down, its biggest one-day loss in just over a month, as speculators sell off the stock after the latest twist in the firm's stake sale saga.

The chairman of Kuwait investment firm Securities Group Co said on Sunday it was studying a bid to buy a stake of up to 24.6 percent stake in Zain held by the country's sovereign wealth fund.

This comes after shareholder Kuwaiti conglomerate Kharafi Group said in September it was looking to sell 46 percent of Zain -- in which it owns about 20 percent -- to a consortium led by two Indian firms and a Malaysian billionaire.

Kuwait's bourse ended 1.5 percent down at 7,667 points, its biggest one-day decline since July.

Qatar's main index declined 1.5 percent, with bank stocks among the top losers. Qatar National Bank fell 2.4 percent. In Oman, the Muscat main index ended 0.2 percent lower at 6,749 points. Raysut Cement declined 1.2 percent. (Reuters)

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