Emirates NBD shares weigh on Dubai index

DUBAI PROPERTY: Real estate stocks lifted UAE markets in early trading. (Getty Images)

Dubai's index ended down 1.2 percent at 2,296 points, erasing earlier gains of up to almost 1 percent.

Emirates NBD took the most points off the index, declining 2.3 percent, while Emaar Properties also parred earlier gains, losing 1.3 percent.

In Abu Dhabi, the index climbed 0.2 percent to 3,183 points, with real estate stocks among the top gainers. Aldar Properties rose 2.8 percent, while Sorouh Real Estate rose 1.3 percent.

Qatari banks led the index to close up 1.1 percent at 7,409 points as some investors expect the sector to perform well in third-quarter earnings compared to the rest of the region, although these gains may be short-lived.

Keith Edwards, head of asset management at Doha-based investment company The First Investor said the Qatar banking sector has underperformed, with third-quarter earnings below expectations.

"The banks have received a lot of medicine, yet they are recovering very slowly, despite having received the strongest government support in the region," says Edwards.

Qatar National Bank and Qatar Islamic Bank gained 3.3 percent and 0.9 percent respectively.

Oman's benchmark rose 1.1 percent at 6,654 points, led higher by Raysut Cement Co, which rallied 4.1 percent. The index had closed lower for the past two trading sessions.

Kuwait's main index snapped a three-day losing run, ending up 0.8 percent at 7,675 points. Zain ended flat, erasing earlier losses, while National Bank of Kuwait added 1.6 percent.

Saudi Arabia's benchmark index ended almost flat, up 0.1 percent at 6,541 points. Saudi Basic Industries Corp (SABIC) added the most points to the benchmark, rising 0.6 percent.

Saudi Telecom Co (STC) plummeted 4.6 percent, a day after posting a 20-percent drop in third-quarter net profit, below analysts' expectations. (Reuters)

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