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Wed 14 May 2008 11:42 PM

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Gulf markets post mixed results

Shares rally across region, clawing back some of the losses incurred earlier in the week.

Shares across much of the Gulf climbed on Wednesday reversing clawing back some of the losses incurred earlier in the week as banks and telecom's drive the market.

Shares rallied in Saudi, the UAE and Qatar rallied while Bahrain and Oman, the Gulf's best performing market for the year, both languished.

The Gulf's largest market, Saudi, lifted 0.35% on the back of strong trading in Saudi Basic Industries, Sabic, and Banque Saudi Fransi. The two rose 0.71% and 2.63% to boost the main index after it slumped on Tuesday's trading.

Despite the rise, Saudi's Tadawul All Shares Index remains the worst performer of the Gulf in 2008.

In the UAE, Abu Dhabi also managed to rebound from Wednesday's losses while Dubai's index continued its downward short term trend.

Telecom provider, Etisalat, and National Bank of Umm Al Quwain surged to lift the capital's measure. The two rose 0.87% and 8.51% respectively to drive the index to a close of 5,026.10 up 0.08% from the previous day's session.

In Dubai, however, it was Dubai Financial Market Company and Dubai Investment that weighed on the measure. The two declined 1.54% and 1.3% respectively while the index finished the day on 5,686.77 points, 0.6% lower.

Qatar continued its amazing bull run on the strength as banks led the way. Qatar Islamic Bank and Qatar National Bank rallied 1.95% and 0.72% respectively to see the main index close abover 12,000 points for the first time in almost two and a half years.

Doha's benchmark finished the day 0.47% higher, on 12,005.99, its highest level since December 12, 2005. The index is up 24.82% this year, making it the second-best performer in the Gulf Arab region behind Oman.

Down in Muscat, the index fell after Galfar Engineering & Construction Company slid 1.76% after a poorer than expected earnings announcement and triggered negative sentiment in the market.

Bank Muscat and Renaissance also declined 1.3% and 2.96% to pull the benchmark 0.69% lower to a close of 11,333.83 points.

Kuwait's measure fell 0.82% to close the day on 14,863.90. It was dragged lower by Gulf bank of Kuwait, which fell 6.4%.