* Emaar recovering from near 14-month lows in active trade
* But Dubai losers outnumber gainers by ratio of two to one
* Saudi Industrial Export pulls back after spectacular rally
* Qatar Islamic Bank tumbles as it goes ex-dividend
* Qatar’s Commercial Bank jumps after agreeing to sell UAB stake
By Andrew Torchia
DUBAI, Feb 22 (Reuters) - Dubai blue chip Emaar Properties continued to rebound in heavy trade on Thursday but regional stock markets were mostly lacklustre, partly because of weak global bourses and oil prices.
Emaar, which had been trading near 14-month lows, surged 3.2 percent on Wednesday as some funds returned to the stock, apparently attracted by undemanding valuations compared to emerging market peers.
On Thursday the stock climbed a further 1.8 percent in its heaviest volume this year. However, this failed to lift Dubai’s stock index, which was flat as declining issues outnumbered gainers by 20 to nine.
Saudi Arabia’s index edged up 0.3 percent. Al Jazira Bank closed 0.5 percent lower after the securities regulator approved its request to conduct a 3 billion riyal ($800 million) rights issue.
Saudi Industrial Export Co, which had soared 77 percent in highly speculative trade over the past six days, fell back 10 percent in its heaviest volume since 2013.
In Qatar, the index dropped 0.3 percent as Qatar Islamic Bank went ex-dividend, tumbling 4.1 percent.
But Commercial Bank jumped 5.8 percent. Sources told Reuters on Tuesday that the bank had agreed in principle to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank to United Arab Emirates-based Tabarak Investment.
The sale will be finalised shortly with a formal announcement to be made next month, the sources said, declining to be named as the matter is not yet public.
* Index rose 0.3 percent to 7,525 points.
* Index edged up 0.03 percent to 3,287 points.
* Index edged down 0.1 percent to 4,580 points.
* The index dropped 0.3 percent to 9,096 points.
* Index gained 0.5 percent to 15,319 points.
* Index climbed 0.8 percent to 6,757 points.
* Index was flat at 1,352 points.
* Index fell 0.3 percent to 4,972 points. (Editing by Jon Boyle)