Emaar shares hit an 11-month high

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STOCKS NEWS: Emaar shares rise 1.1 percent. (Getty Images)

Emaar Properties hit an 11-month high, helping Dubai's index to erase early losses.

Emaar was up 1.1 percent at AED4.74, just off an intraday high of AED4.75.

Dubai's index climbed 0.8 percent to 2,360 points. It has risen by a third in the past eight weeks.

"What we are seeing is very positive, we are now waiting for the third quarter results to come out," says Mohammed Yasin, Shuaa Securities chief executive.

"I don't think there will be major surprises, but once they are out of the way, people may have a better outlook for the fourth quarter and therefore (I) expect a continuation of the momentum that we've seen."

Shares of Saudi Basic Industries Corp (SABIC) weighed on Saudi Arabia's main index, while SABB bank also fell after posting lower than expected third quarter earnings.

The index ended 0.8 percent down at 6,351 points.

SABIC closed 2.2 percent lower, while SABB ended 2.4 percent down.

Qatar's main index ended lower for the fifth consecutive session, posting its biggest one-day loss since August 19. Bahrain also ended lower, while Kuwait bucked the trend, led by Zain.

Industries Qatar paced declines, ending 4.47 percent lower, while Commercial Bank of Qatar fell 4.94 percent.

The index ended 1.94 percent lower at 7,292 points.

Bahrain's index ended 0.87 percent down at 1,565 points.

Kuwait's benchmark closed 0.56 percent higher at 7,710 points, led by Zain, which climbed 1.49 percent and Kuwait Finance House, up 3.13 percent.

Oman's index ended lower for the second straight session as bank and industrial stocks weighed.

Bank Muscat fell 2.3 percent, Oman Cables Industry plunged 8.4 percent and Raysut Cement dropped 3.9 percent.

The index fell 1.7 percent to 6,635 points, taking its losses to 1.9 percent since hitting an 11-month high on Sunday. Volumes slipped to a three-session low. (Reuters)

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