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Tue 4 Aug 2009 10:23 AM

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Gulf markets hit weeks high

UPDATE 9: Qatar posts seven-week high but Dubai ends lower for first time this week.

Gulf markets hit weeks high
STOCKS RISE: Emaar rose slightly in Tuesday trading. (Getty Images)

Dubai's benchmark ended lower for the first time this week as traders booked profits from a three-day, 4.1 percent rally, but Abu Dhabi's index rose for the 14th session in 15.Union Properties plunged 4.5 percent and Deyaar lost 2.6 percent.

Blue chips supported, with Emirates NBD surging 4.7 percent and Emaar Properties rising 0.3 percent to 2.95 dirhams, although it retreated from an intraday high of 3.09 dirhams. The index fell 0.4 percent to 1,878 points.

Abu Dhabi's index climbed 0.9 percent to 2,863 points, its highest finish since June 15. Volumes were the highest for nearly seven weeks.

Union National Bank added 2.7 percent.

Saudi Arabia's index ended lower for the second session in three, tracking losses in world markets.

In the absence of local or regional catalysts, Saudi stocks are broadly tracking the movement of global equities, which are down on Tuesday.

Oil was down 1.8 percent at $70.25 a barrel, retreating from Monday's seven-week closing high.

Crude's slide prompted selling in Saudi Basic Industries Corp (SABIC), which fell 2.8 percent.

Al-Rajhi Bank dropped 1.5 percent to 66 riyals. On Wednesday, Citigroup retained its hold rating on Al Rajhi Bank, setting a price target of 65.40 riyals.

The index slipped 0.7 percent to 5,779 points. Volumes fall to a three-week low. Qatar's index posted a fresh seven-week high as all sectors advance on bullish global sentiment and steady oil prices

Industries Qatar climbed 2.9 percent. It has gained 5.8 percent since Thursday, while oil prices have risen 11.4 percent over the same period.

The index climbed 1.7 percent to 6,903 points as volumes hit their highest level since July 16.

Banks also rallied. Qatar National Bank (QNB) rose 1.4 percent, while Qatar Islamic Bank and Commercial Bank of Qatar added 1.3 and 1.9 percent respectively.

QNB and Qatar Islamic have climbed 14 and 22 percent respectively over the past month, while Commercial Bank is up 10 percent.

Agility led Kuwait's index to its fourth straight gain as investors bet the logistics firm's quarterly earnings would beat forecasts.

Agility climbed 3.4 percent.

National Industries Group (NIG) was another major gainer, rising 3.1 percent.

Kuwait's index climbed 0.5 percent to 7,728 points, a seven session high.

Bahrain's benchmark rose 0.8 percent to 1,494 points.

Oman's index edged slightly higher to reach another 2009 closing high, although profit-taking ate into early gains.

The benchmark climbed 0.2 percent to 6,074 points. Raysut Cement rose 1.8 percent, taking its gains to 9.3 since reporting a 9 percent rise in second-quarter profit on July 27.

Oman Telecommunications Co (Omantel) lost 0.9 percent and Oman International Bank fell 1.2 percent. (Reuters)