UAE markets extend gain; Etisalat up despite Q4 miss

Dubai's measure extends gains after closing at a 39-month high in the previous as sign of recovery in local economy boost sentiment and Abu Dhabi also gains.

Dubai's bellwether Emaar Properties adds 0.8 percent, National Central Cooling (Tabreed) jumps 7.2 percent and telecom operator du gains 1.9 percent.

Du on Tuesday reported a surge in quarterly profit and hit a four-year high.

Dubai's index climbs 0.8 percent to 1,929 points, its highest intraday level since December 2009.

Real estate prices in Dubai rose in 2012 as demand returned, partly because of funds inflow from regional countries hit by the Arab Spring. The recovery however remains fragile. The property bubble collapsed after the 2008 financial crisis and prices slumped 50 percent from their peak.

Shares in Etisalat jumps 4 percent to its highest since October 2011 despite posting a lower-than-expected fourth-quarter profit.

UAE's biggest telecom operator wrote down the value of businesses in Pakistan and Sudan by a combined US$769m. It made a quarterly profit of AED854.3m, according to Reuters calculations.

SICO Bahrain forecast the firm to post a profit of AED2.8bn.

Trading in Etisalat is restricted to UAE nationals.

Abu Dhabi's benchmark rises 0.9 percent to 2,990 points, up 13.6 percent in 2013.

Elsewhere, Qatar's measure slips 0.3 percent to 8,757 points, heading for its fourth decline in last five sessions since it hit a ten-month peak.

The market is little moved after a sovereign fund said it will create a new US$12bn investment firm and list it on the exchange.

Qatar Navigation is the main drag, falling 1.4 percent. Industries Qatar sheds 0.2 percent.

Elsewhere, Oman's index gains 0.5 percent to 5,940 points, while Kuwait's measure ticks up 0.03 percent to 6,388 points.