Banks drive UAE markets to close higher

Dubai: Abu Dhabi's main index closed up more than 2 per cent, led higher by bank stocks and snapping a three-day run of losses.

National Bank of Abu Dhabi added the most points to the benchmark, rising 6.23 per cent. First Gulf Bank and Abu Dhabi Commercial Bank soared 6.78 per cent and 5.93 per cent.

The benchmark rose 2.44 per cent to 2,188 points.

In Dubai, the benchmark extended gains into a second session, rising 1.08 per cent to 1.488 points. Emirates NBD and Dubai Islamic Bank gained 2.66 per cent and 5,03 per cent respectively.

Kuwait's Mobile Telecommunications Co (Zain) ended 7.58 per cent higher as investors pile into bluechips, taking heart from central bank plans to shore up the Gulf Arab state's economy.

National Bank of Kuwait gained 6.1 per cent.

The benchmark added 0.17 per cent, rising to 6,507 points.

Qatar's main index ended up 1.96 per cent at 4,909 points, led higher by Industries Qatar, which rose 5.1 per cent.

Oman's main index posted its largest one-day gain since the beginning of November on hopes the government's 150 million rial market-maker fund will be launched soon.

Bank Muscat surged 9.9 per cent, while National Bank of Oman soared 9.8 per cent.

The index rose 5.21 per cent to 4,634 points.