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Tue 24 Jul 2007 02:16 PM

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Gulf markets review - July 24

Dubai market snaps a six-day losing streak; Abu Dhabi index rises after five days of declines.

Banking and property stocks help Dubai's market snap a six-day losing streak and Abu Dhabi's index rose today after five days of declines. Bahrain's index also ended higher, while Oman's benchmark fell for a second trading day.

In Dubai, Emaar Properties and Dubai Islamic Bank each gained 0.9%, helping boost the index 0.93% to 4,346.88 points.

Abu Dhabi's benchmark also climbed 0.68% to 3,579.63 points, paced by First Gulf Bank, up 2.79%, and Aldar Properties, up 1.63%. Both firms posted surges in profit on Monday.

Oman's index eased 0.65% to 6,425.13 points as Bank Muscat lost 2.46%. Bahrain's index gained 0.01% to 2,475.52 points.

Kuwait's main index closed higher as shares of Mobile Telecommunications Company (MTC) rose by the daily limit.

Kuwait's benchmark added 0.59% to 12,424.60 points, with MTC rallying 2.4%, or 100 fils, the daily trading limit. MTC shares rebounded after having fallen more than 20% from a June 24 peak to Sunday's close.

Qatar's index also finished up, paced by banking stocks. Qatar National Bank gains 0.97%, boosting the index 0.11% to 7,637 points.

Shares of Etihad Etisalat (Mobily) surge more than 6% on the Saudi bourse, helping the index recover from early losses.
 
The stock was up 6.49%, the biggest gainer among the 10 largest stocks. The index gained 0.81% to 7,498.38 points, having fallen as low as 7,417.41 points earlier.