surged, lifting Abu Dhabi’s index to an 11-week high but Dubai’s benchmark ended lower for the first session in five.
climbed 3.8 percent to also reach an 11-week closing high, taking its gains to 4.7 percent this week.
On Monday, shareholders of rival regional telecoms operator Zain voted to remove a cap on share ownership at an extraordinary meeting that could pave the way for a stake sale.
In July,
Etisalat
said it was in interested in buying a 51 percent stake in Zain.
Abu Dhabi’s index climbed 0.5 percent to 2,897 points, its highest finish since June 15.
was the main drag in Dubai, falling 1.4 percent as investors booked profits from Sunday’s nine-week closing high, while
Drake & Scull
was another major loser, dropping 2.2 percent.
surged 14.5 percent, extending gains since it appointed a new chief executive and said it would issue 515 million shares to Dubai Banking Group (DBG) to resolve a long-running bond row.
also bucked the negative trend, rising 2 percent.
The index dropped 0.4 percent to 1,914 points as volumes fell by a fifth from the day before.
Saudi Arabia’s index ended lower for a fifth straight session as banks declined and falling oil prices weighed on petrochemical stocks.
Saudi Basic Industries Corp (SABIC) dropped 1.8 percent and rival Rabigh Refining and Petrochemical Co lost 0.9 percent.
Oil prices dropped 2.6 percent to $70.90 at 4.35pm UAE time as a drop in China’s key stock index stokes worries about the pace of economic recovery and a revival in energy demand.
“There are concerns that oil inventories are over-stocked and that there could be a sell-off in oil,” said Robert McKinnon, Al Mal Capital managing director.
Saudi Arabia’s index slipped 0.7 percent to 5,661 points. Samba Financial Group fell 1.8 percent. Trading rose from the day before, but total volumes were the second-lowest of the past 46 weeks.
helped push Oman’s index to a fresh 42-week closing high.
surged 6.5 percent to a nine-week high, taking its gains to 8.6 percent in two sessions as investors bought into a stock that has lagged in the benchmark’s 21 percent, seven-week surge.
Oman Telecommunications Co (Omantel)
climbed 0.9 percent.
The index rose 0.5 percent to 6,345 points, its highest close since Nov. 12 last year.
“Gulf markets lag other emerging markets and so we’re seeing the region play catch up with the rest of the world,” said Rami Sidani, Schroders Middle East head of investment.
“Oil prices above $70 give a strong boost, but we will see profit-taking along the way, which is typical of any stock market.”
Qatar’s index shrugged off early losses to hit a 11-week closing high, rising for the seventh session in eight as banks advanced.
Qatar International Islamic Bank
surged 3.4 percent,
Commercial Bank of Qatar
climbed 0.6 percent and
Qatar National Bank
added 0.4 percent.
The index climbed 0.4 percent to 7,117 points, its highest finish since June 15, but volumes fall by almost a third from the day before.
Top trader
Barwa Real Estate
climbed 1.5 percent and accounted for more than a quarter of all shares changing hands on the index.
Bahrain’s measure finished higher for the third session in four, edging up 0.1 percent to 1,517 points as 14 stocks traded.
Kuwait’s index ended lower as banks retreated in mixed trading across the Gulf Arab region.
dropped 1.5 percent and
National Bank of Kuwait
lost 1.6 percent.
Ahli United Bank
slid 2.6 percent.
Kuwait’s index declined for a second day, falling 0.6 percent to 7,914 points.
was unchanged after shareholders voted to remove a cap on share ownership at an extra-ordinary meeting.
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