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Tue 8 Sep 2009 09:29 AM

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UAE markets extend 3-day winning streak

UPDATE 6: UAE stock markets edge up on Tuesday, led higher mainly by the banking sector.

Markets in the UAE ended higher, extending a three-day run of gains.

Banks were among the top gainers in both Abu Dhabi and Dubai.
Emirates NBD

rose 2.5 percent, while
Dubai Islamic Bank

added 2.6 percent.

Property developer
Deyaar

soared 8.2 percent, lifting the benchmark to close up 1.3 percent at 1,996 points.

In Abu Dhabi,
Abu Dhabi Commercial Bank

gained 4.48 percent, but heavyweight
Etisalat

added the most points to the benchmark, rising 4.5 percent.

The index ADI rose 0.72 percent to 2,977 points.

Qatar:

Qatari banks led the Doha index to close up 0.66 percent at 7,158 points, its third straight session of wins.

Commercial Bank of Qatar

and
Masraf Al Rayan

added the most points to the index, rising 2.89 percent and 3.28 percent respectively.

"The index continues to hover around the prior high of 7,100 with no signs of buying momentum in sight,"
Shuaa Capital

said in a daily research note.

"At this point, the risk of entry is high and until a clear upside break is witnessed, the chances of a correction will remain strong."

Kuwait:

Kuwait's benchmark KWSE ended 0.33 percent lower at 7,795 points, with
Zain

ending 5.48 percent lower as investors sold the stock over uncertainty regarding a potential sale of a large stake in the group.

Bahrain:

Bahrain's main index BAX edged up 0.11 percent to 1,523 points.
Ahli United Bank

and
Gulf Finance House

lost 0.93 percent and 0.83 percent respectively.

Oman:

Oman's main index MSI ended down 0.2 percent at 6,472 points, snapping a three-day run of higher closes.

Raysut Cement Co

took the most points off the index, losing 1.2 percent, while
National Bank of Oman

edged down 0.9 percent.

Saudi Arabia

Saudi Arabia's main index ended up 1.1 percent higher at 5,755 points, extending gains into a second day.

Heavyweight Saudi Basic Industries Corp (SABIC) gained 3.5 percent, while Al Rajhi Bank and Bank Alinma rose 0.7 percent and 2.8 percent respectively. (Reuters)

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