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Mon 2 Nov 2009 10:27 AM

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Dubai index posts biggest one-day gain since Feb

UPDATE 6: Real estate, bank stocks surge on DFM while Kuwait closes higher.

Dubai's main index posted its biggest one-day gain since February, soaring 5.2 percent, as it rebounded from sharp losses in the past three sessions.

Emaar Properties

soared 7.9 percent, adding the most points to the index, while
Emirates NBD

gained 4.5 percent.

"We expect that Dubai's on-going bond issuance, which is reportedly gaining strong subscription abroad, will provide the underlying catalyst for UAE markets over the coming quarter," Ian Munro, head of research at MAC Capital Advisors, said in a research note.

Funds will flow to Dubai government-related entities (GREs), helping them relieve finance obligations and easing local credit conditions, Munro added.

Abu Dhabi's benchmark ended 2 percent higher at 2,978 points, with
Etisalat

climbing 1.3 percent.

Oman shares ended up 0.9 percent at 6,330 points, snapping a four-day losing streak as most Gulf Arab markets rose, rebounding from a sharp declines in the previous session.

Renaissance Services

added the most points to the index, rising 3.7 percent.
Bank Dhofar

rose 1.7 percent.

The benchmark has lost 6 percent since Oct 12.

Saudi Arabia's benchmark ended up 0.9 percent at 6,372 points, extending gains into a second day, led higher by petrochemical stocks.

Saudi Basic Industries Corp added the most points to the index, rising 2.8 percent. SABIC unit Saudi Kayan Petrochemical Co added 6.5 percent.

Kuwait's
Zain

ended 3.6 percent higher following a further twist in the telecom firm's stake sale saga.

Major shareholder Kharafi Group will not accept less than 2 dinars per share to sell a stake in the firm, its chairman was quoted as saying in a newspaper on Monday.

Kuwait Finance House

also rose 3.6 percent. The benchmark ended 0.4 percent higher at 7,256 points, having closed lower for the previous three sessions.

Shares in
National Mobile Telecommunications Co (Wataniya)

ended up 1.4 percent after its Wataniya Palestine unit launches its mobile phone service in the West Bank.

In Qatar, the benchmark closed 2.1 percent higher at 7,032 points, lifted by bank stocks.
Qatar National Bank

and
Qatar Islamic Bank

rose 6 percent and 1.6 percent respectively, while
Doha Bank

climbed 3.3 percent.

Bahrain's benchmark declined 0.8 percent to 1,505 points.

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Az 10 years ago

Well I have to say that it is all a game. How can suddenly the market jump when the world markets are going down. Funny thing is that when the DFM goes down, an article comes that the market is down because of the world markets and if it goes up, another article says that Dubai will pay the bond holders their money.... and all... come on guys.. wake up.