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Mon 14 Dec 2015 11:25 AM

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Stock markets: Blue-chips lift UAE, Qatar; Kuwait's Viva sinks on takeover offer

Dubai's bourse rose 0.5% after the index slumped to a 2-year low on Sunday

Stock markets: Blue-chips lift UAE, Qatar; Kuwait's Viva sinks on takeover offer
(Getty Images)

Blue-chip stocks helped Gulf markets rebound in early trade on Monday as some buyers returned following sustained declines.

Dubai's bourse rose 0.5 percent with 13 of the 14 traded stocks making gains. The index had slumped to a two-year low a day earlier.

Drake and Scull and Arabtec, climbed 1.3 and 1.7 percent respectively.

Abu Dhabi's index climbed 0.8 percent, recovering some of Sunday's losses as Etisalat, the UAE's largest listed company, rose 1 percent.

First Gulf Bank and National Bank of Ras Al Khaimah were among the other gainers, each jumping more than 3 percent. The two lenders account for 15.6 percent of Abu Dhabi's total market capitalisation, Reuters data shows.

Qatar rose 1.3 percent as gainers outnumbered losers 16 to one.

Qatar National Bank, the largest bank by market value, rose 1 percent. Islamic lender Masraf Al Rayan, the session's most traded stock, climbed 0.3 percent. The two banks had dragged the index lower on Sunday.

In Kuwait, the mobile operator Viva tumbled 9.1 percent to 1 dinar, facing selling pressure after parent firm Saudi Telecom Co (STC) said it would offer 1 dinar per share to buy up Viva's remaining stock.

Viva shares had gained 20 percent since STC's initial takeover announcement in November, ending Sunday at a record closing high of 1.1 dinars.

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