DUBAI Nov 13 Gulf Arab bourses saw mixed
trade on Sunday but a rally in global markets late last week
provided some comfort for the region after an Italian vote on
economic reforms eased concerns that its debt burden would
jeopardise the euro zone's future.
Construction and real estate stocks boosted bourses in the
United Arab Emirates with Dubai's Arabtec climbing 3.7
percent and leading the emirate's bourse 0.7 percent
"We're taking the good news from global markets," said
Haissam Arabi, chief executive and fund manager at Gulfmena
"There is positive sentiment in most GCC markets and Saudi
got off to a good start yesterday after Eid but the markets are
being careful and we are not seeing huge volumes."
Dubai's Drake & Scull International advanced 1.7
percent after reporting a 76-percent increase in third quarter
net profit earlier on Sunday.
"Until now you don't have a lot of reaction on results, even
if they are far above consensus -- the price action is limited,"
said Sebastien Henin, portfolio manager at The National
"I don't see from where we can have a positive catalyst in
Abu Dhabi's main index rose 0.6 percent to 2,492
points driven by Dana Gas -- the usual target of
retail investors -- which increased 3.8 percent.
Saudi Arabia ended higher for a second day following the
Muslim Eid holiday, rising late in the day to recover from
Heavy weight Saudi Basic Industries Corp (SABIC)
edged 0.3 percent higher.
Oman and Kuwait both fell but losses were modest.
Muscat's main measure slipped 0.1 percent with Galfar
Engineering easing 2.2 percent.
Oman Telecommunications Co (Omantel) ended flat
after reporting a 25-percent rise in third quarter net profit
which fell slightly short of analysts estimates.
Egypt's main index fell 1.9 percent to 4,299 points
as some investors sold ahead of a planned mass rally by
Islamists in Cairo on Friday to protest at a government attempt
to lay down rules for a new constitution.
* The index climbed 0.7 percent to 1,393 points
* The measure rose 0.6 percent to 2,492 points
* The benchmark increased 0.4 percent to 8,742 points
* The benchmark edged 0.1 percent higher to 6,257
* The index eased 0.1 percent to 5,566 points
* The index fell 1.9 percent to 4,299 points
* The benchmark eased 0.7 percent to 5,868 points
* The measure was unchanged at 1,154 points.
(Reporting by Jason Benham; Editing by Firouz Sedarat)