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Sun 8 Nov 2009 10:10 AM

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Property stocks help UAE markets advance

UPDATE 6: Emaar, Sorouh shares on the up, while Qatar advances, Saudi falls.

Dubai's index gave up some of its early-day gains, but ended higher for the second session in three, helped by banks.

Emirates NBD rose 4 percent and Shuaa Capital added 2.7 percent.

Property stocks also posted gains, with Emaar Properties and Deyaar advancing 1.5 and 1.4 percent respectively.

The index climbed 1.2 percent to 2,123 points, retreating from an intraday high of 2,161 points.

In Abu Dhabi, banks and property stocks were also among the strongest gainers, helping the main index climb 0.7 percent to 2,942 points.

Aldar Properties rose 3.6 percent and Sorouh Real Estate added 3.9 percent.

Saudi Kayan Petrochemical Co weighed on Saudi's benchmark, while bank losses widened during the trading session, as the absence of any positive catalysts and negative sentiment on banks weighed on the index.

Saudi Kayan fell 7.5 percent. Banque Saudi Fransi and Samba Financial Group retreated 1.9 and 2.8 percent.

The index ended 1.5 percent lower at 6,255 points.

Oman's Galfar Engineering ended nearly 8 percent lower after the firm reported a 63.8-percent fall in third-quarter profit, falling short of analysts' estimates.

Galfar weighed on Oman's index, which ended 0.7 percent lower to 6,290 points.

Banks were mixed, as Bank Muscat gained 0.8 percent and National Bank of Oman fell 1.8 percent.

Bahrain's index edged 0.1 percent higher to 1,509 points, while Kuwait's benchmark fell 0.7 percent to 7,280 points.

Qatar's index gained 0.6 percent to 6,991 points. Qatar National Bank and Qatar Commercial Bank advanced 0.9 percent and 1.2 percent respectively.

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