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Wed 11 Nov 2009 05:49 PM

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Saudi banks lead index to higher close

Late surge pushes Dubai's DFM above psychologically vital 2,200-level, reaching a two-week high.

Saudi's benchmark TASI edged slightly higher, as some major banking shares rose. The main index advanced 0.2 percent to 6,254 points.

Al Rajhi Bank

climbed 1 percent, while Banque Saudi Fransi rose 0.7 percent.

A late surge helped Dubai's main index DFM end above the psychologically important 2,200-level, reaching a two-week high.

Heavyweights
Emaar Properties

and
Du

were the key supports, each gaining around 3 percent as the index rose 1.7 percent to 2,205 points, its highest close since Oct. 28.

"The backdrop of the international markets is fairly decent," said Ali Khan, managing director and head of brokerage at Arqaam Capital.

Abu Dhabi's benchmark ADI edged 0.1 percent lower to 2,967 points.

Kuwait's bourse KWSE posted the strongest decline of all Gulf markets, down 2 percent to 7,109 points, as third-quarter earnings weighed on sentiment.

Agility

, the biggest logistics firm in the Gulf, lost 3.3 percent, after posting a 15-percent rise in third-quarter net profit.

"The results are neutral at best, they will need a strong fourth quarter to match consensus for the whole year," said Ali Khan, managing director and head of brokerage at Arqaam Capital.

The Kuwaiti listing of
Gulf Finance House

fell 6.8 percent. It posted a fourth consecutive quarterly loss. Its Bahrain-listed shares fell 9.1 percent.

Bahrain's bourse BAX edged 0.2 percent lower to 1,485 points.

Qatar's index QSI fell nearly 1 percent to 6,987 points.

Oman's index MSI ended 0.4 percent higher to 6,313 points, amid below-average volumes.

Omantel

was in the spotlight after reporting a small rise in third-quarter net profit, edging 0.1 percent higher.

Banks were mixed as
Bank Muscat

rose 0.3 percent, while
Bank Dhofar

fells 2.2 percent. (Reuters)

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