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Mon 20 Oct 2008 10:27 AM

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Small gains, losses across Gulf markets

UPDATE 5: UAE markets end higher with Emaar Properties, First Gulf Bank leading way with big gains.

Emaar Properties led Dubai Financial Market to a higher close on Monday while banks rallied in Abu Dhabi as gains in world stocks supported UAE markets.Emaar ended 6.12 percent higher as Dubai climbed 2.95 percent to 3,310 points.

In Abu Dhabi, First Gulf Bank ended 10 percent higher while Union National Bank climbed 9.96 percent. Abu Dhabi's benchmark rose 2.15 percent to 3,520 points.

"Global markets rising definitely stablises the sentiment out there," said Mohamed Alami, senior equity trader at Naeem Shares & Bonds. "It's been a good trading day on Emaar. Volumes are high."

Saudi Arabia's benchmark ended 1.4 percent higher with Saudi Basic Industries Corp (SABIC) climbing 2.02 percent and Saudi Telecom Co rising 5.83 percent.

The index, which climbed after two trading days of falls, closes at 6,345 points.

Mobile Telecommunications Co (Zain) ended 7.69 percent lower as Kuwait's benchmark fell 3.36 percent to 10,856 points.

Qatar's main measure closed 0.43 percent higher at 7,935 points in line with gains in world stocks.

Qatar Gas Transport Co climbed 4.15 percent after it posted a doubling of its third-quarter profit to 67.1 million riyals.

Bahrain's index closed 0.48 percent lower at 2,317 points.

Oman's main index ended higher led by Bank Muscat which climbed 2.58 percent.

Galfar Engineering Co rose 5.22 percent as the benchmark closed 1.05 percent higher at 7,298 points.

"It's pretty stable. Global markets are up," said Syed Quadry, senior research analyst at Amwal Investment. "If there is sensible buying over the next two weeks then I think this market will look healthy again."

The markets had a mixed session on Sunday with Abu Dhabi, Dubai and Qatar ending higher.

The Saudi index closed down 3.78 percent led by Sabic which slid 8.68 percent after posting its first decline in quarterly profit in more than two years.

In Abu Dhabi and Dubai, bank stocks enjoyed gains on expectations new challenges in global finance will encourage consolidation in the sector.

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