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Sun 26 Jul 2009 10:37 AM

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Abu Dhabi index reaches five-week high

UPDATE 4: Abu Dhabi up for eighth straight session, Saudi ends down.

Property stocks helped Abu Dhabi's index end higher for an eighth straight session, reaching a five-week high.

Aldar Properties and Sorouh Real Estate surged 8.4 and 8.2 percent respectively.

Emirates Telecommunications Corp (Etisalat) fell 1.9 percent after an Indian court ruling banned major shareholders from selling their stakes in Indian telecoms firms for three years after launching.

Abu Dhabi's index climbed 0.5 percent to 2,725 points, its highest finish since June 22.

Emaar Properties led Dubai's index to its biggest one-day gain since late February.

Emaar jumped 9 percent as property-related firms surged. Union Properties climbed 9.5 percent and Arabtec added 8.2 percent.

Analysts said rising oil prices and strong global markets have spurred buying across the Gulf Arab region, with Dubai making the steepest gain after falling 26 percent between June 14 and July 13.

Dubai Islamic Bank rose 6 percent after its second-quarter earnings beat expectations, despite a 40 percent fall in profit.

The index climbed 5.2 percent to 1,843 points, its highest close since February 23 as volumes hit a five-week high.

Qatar's index reached a four-week closing high as all 20 active stocks advanced, spurred by rising oil prices and landmark highs on international exchanges on Friday.

Industries Qatar rose 3.7 percent, Qatar Gas Transport Co (Nakilat) added 4.4 percent and Doha Bank climbed 4.9 percent.

The index rose 3.1 percent to 6,639 points, its biggest one-day gain since July 15.

Kuwait's index also advanced, climbing 0.9 percent to 7,743 points.

Zain recovered early losses to rise 1.6 percent, while Kuwait Finance House jumped 8.8 percent, its largest daily gain since March 4.

Bahrain's index slipped 0.5 percent to 1,488 points.

Banks and telecoms lifted Oman's index to a 2009 closing high.

Oman Telecommunications Co (Omantel) and National Bank of Oman rose 1.6 and 1 percent.

Oman's index climbed 1.7 percent to 5,908 points, its highest finish since December 21 last year.

Banks and telecoms declined to drag Saudi Arabia's index to a lower close as investors booked profits from Saturday's rise.

Riyad Bank dropped 1.4 percent and Saudi Telecom lost 3.3 percent.

The index slipped 0.2 percent to 5,817 points, retreating from Saturday's five-week high. (Reuters)