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Sun 6 Sep 2009 10:22 AM

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Property stocks propel UAE markets higher

UPDATE 5: Zain boosts Kuwait's index while Oman continues rise to new 2009 high.

UAE property stocks surged to lead gains in both Abu Dhabi and Dubai as markets rose in a regional upturn.

In Dubai,
Emaar Properties

rose 6.6 percent, while Abu Dhabi's
Aldar Properties

jumped 8.1 percent.

Dubai's benchmark advanced 2 percent to 1,958 points and Abu Dhabi's measure climbed 1.6 percent to 2,933 points.

Zain

ended at its highest level since September 23 last year, climbing 5.4 percent, as the stock led Kuwait's bourse higher.

The benchmark rose 0.5 percent to 7,830 points, its first advance for six sessions.

Banks drove Qatar as the bourse closes higher in line with a regional uptrend spurred by strength in global equities, while
Batelco

was among gainers in Bahrain.

Qatar's index rose 0.4 percent to 7,073 points after two trading days of lower closes, and Bahrain's bourse rose for a second session.

Commercial Bank of Qatar

advanced 1.5 percent and Doha Bank 2.1 percent.
Qatar National Bank

was the only stock on the index to end lower.

Batelco

rose 0.9 percent after its chief executive was cited in a newspaper saying the firm is studying an acquisition in North Africa of up to $2 billion.

Muscat's benchmark continued to hit fresh highs for the year as it closed at its highest level since November, boosted by strength in oil prices and improving sentiment in global equities.

Oman Telecommunications Co (Omantel)

led the advance but Construction Materials Industries was the day's biggest gainer surging 9.8 percent.

The country's index ended 1 percent higher at 6,479 points.

Global shares and oil prices rose on Friday after a report showed US job losses in August were the smallest in a year and the IMF raised its forecast for world economic growth this year and next.

Saudi Arabia's benchmark ended lower to buck the trend of a regional stock market rally.

The kingdom's index eased 0.1 percent to 5,668 points, dragged lower by Al-Rajhi Bank, which fell 0.4 percent, and Alinma Bank, which declined 0.8 percent. (Reuters)

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