DUBAI Nov 14 Most Gulf Arab bourses
closed slightly lower on Monday in thin volume dealing, but
overall sentiment was positive with investors looking to Europe
for positive news concerning the debt crisis there.
Gulf markets opened slightly higher tracking Asian stocks
which rose earlier in the day on hopes that technocrat leaders
in Italy and Greece would push for radical reform to contain the
euro debt crisis, before easing slightly.
Abu Dhabi's Dana Gas was in focus after the energy
firm said its third-quarter net profit more than quadrupled
buoyed by a 20 percent increase in total production and higher
The stock closed 1.8 percent higher.
"I believe UAE markets are moving up gradually and nicely as
they are building on a rebound that started before Eid
holidays," said Mohammed Ali Yasin, chief investment officer at
"We are benefiting from a slight improvement in investor
confidence helped by third quarter earnings. Although there
weren't many surprises, however, it demonstrated that certain
sectors, especially real estate and banking, are moving in the
Abu Dhabi Commercial Bank fell 0.7 percent.
The lender has picked four banks for a potential Islamic
bond, or sukuk, which could be launched this week, a document
from arranging banks showed on Monday.
Abu Dhabi's index fell 0.2 percent while Dubai
eased 0.4 percent with construction firms Arabtec
and Drake & Scull slipping 0.7 percent and
0.6 percent respectively.
Dubai's Union Properties fell 2.2 percent.
Qatar and Kuwait were the only markets to end in positive
territory rising 0.3 percent and 0.03 percent respectively.
Heavyweight Industries Qatar also advanced 0.3
percent while Qatar National Bank and Qatar Islamic
Bank rose 0.9 percent and 0.4 percent.
Saudi Arabia's bourse eased 0.3 percent after two
days of gains.
* The benchmark eased 0.4 percent to 1,388 points
* The main measure slipped 0.2 percent to 2,487
* The kingdom's bourse fell 0.3 percent to 6,238
* Muscat's measure fell 0.1 percent to 5,559 points
* The index advanced 0.03 percent to 5,870 points
* The bourse eased 0.4 percent to 1,150 points
* Cairo's bourse fell 2.7 percent to 4,181 points
(Reporting by Jason Benham; editing by Sami Aboudi)