Real estate, banks lift Dubai to higher close

MARKET LATEST: Kuwait's stock market fell early on Monday. (Getty Images)

Dubai's main index ended 3.3 percent higher at 2,338 points, its biggest one-day gain in over four weeks.

Heavyweight Emaar Properties added 4.5 percent, while Emirates NBD also climbed 4.5 percent, after the lender posted a small rise in third-quarter net profit, beating analysts' expectations.

Shares in Dubai developer Deyaar ended 2.4 percent higher after the firm said it had cut 20 percent of its workforce.

Abu Dhabi's main index rose 0.7 percent to 3,167 points, with Aldar Properties climbing 3.7 percent.

Saudi Arabia's benchmark index ended higher for the second time this week, led by Saudi Basic Industries Corp (SABIC), which rose 0.9 percent.

Riyad Bank and SABB added 1.4 and 1.9 percent respectively.

The index climbed 0.6 percent to 6,564 points, narrowly below Saturday's 12-month closing high.

Kuwait's Zain ended down 5.9 percent after Indian media reported that telecoms firm Bharat Sanchar Nigam Ltd (BSNL) felt a $13.7 billion price for 46 percent stake in the firm is expensive, citing the firm's chairman.

Kuwait Finance House fell 1.6 percent after it reported a 46 percent drop in quarterly profit, darkening an already gloomy outlook for the Gulf Arab country's economy, one of the hardest hit by the global economic crisis.

The benchmark index, which suffered its largest one-day reverse for more than three months on Sunday, fell 0.44 percent to 7,455 points.

Oman's main index ended up 0.3 percent at 6,525 points, snapping a three-session run of losses.

Raysut Cement Co added the most points to the index, rising 1.3 percent.

Shares in Oman International Bank declined 4.6 percent after the lender posted a 27-percent decline in 9-month profit.

Banks led gains on the Doha bourse, where the benchmark index rose 1.1 percent to 7,357 points, snapping a three-session losing run.

Qatar National Bank and Qatar Islamic Bank added 1 percent and 0.7 percent respectively.

Bahrain's main index was unchanged at 1,546 points.

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