UAE markets surge on strong third-quarter earnings report

Dubai: The UAE markets closed higher as strong third-quarter earnings and unconfirmed reports about bank mergers boost sentiment among investors.

Abu Dhabi's index added 2.38 per cent to 3,446.76 points, after falling almost 7 per cent in the last two trading days. Emirates Telecommunications Corp rose 4.04 per cent after the firm met expectations with a 19-per cent rise in third-quarter profit.

Banks also gained ground, with National Bank of Abu Dhabi - down more than 17 per cent this month to its close last week - surging 8.51 per cent, while First Gulf Bank and Abu Dhabi Commercial Bank rose more than 9 per cent.

In Dubai, Emaar Properties advanced 2.36 per cent, boosting the index 0.37 per cent to 3,215.94 points. Shuaa Capital tumbled 8.49 per cent on reporting a quarterly loss due to write down related to the collapse of Lehman Brothers.

Kuwait's main index closed lower for a sixth session as investors worry a global financial crisis will take its toll on earnings of financial firms. Qatar and Bahrain shares closed higher.

Kuwait's measure fell 2.68 per cent to 11,234 points, extending six days of declines to 5.6 per cent. Gulf Bank of Kuwait dropped 5.66 per cent and Global Investment House 7.46 per cent.

Qatar's benchmark snapped two days of declines on institutional buying in blue chips, gaining 1.25 per cent to 7,901.62 points. Industries Qatar gained 1.93 per cent.
Bahrain's benchmark added 0.44 per cent to 2,328 points.