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Dubai shares led a slight recovery in most Middle East markets on Sunday, as investor sentiment was raised by a relief rally in world stocks late last week.
Property stocks lifted Dubai's index by 1 percent to close at a six-day high, as it clawed back recent losses.
Regional bourses were battered last week amid fears of the US economy retreating into recession on weak manufacturing data and a credit rating downgrade, while Europe's debt woes added to the panic.
Emaar Properties gained 2.2 percent and contractor Arabtec rose 1.5 percent.
"In the past five to six years, from the (middle) of Ramazan, you see a pick-up in UAE stocks, which lasts for a month until after Eid (end of the Muslim fasting month of Ramazan)," said an Abu Dhabi trader, who asked not to be identified due to company policy.
"This year, you're seeing the same thing, but because of the backdrop in terms of US downgrade and Europe debt problems, the Ramazan rally will be weaker."
Large-cap, active stocks will lead the move higher, he said.
Contractor Drake $ Scull rose 0.3 percent after its quarterly earnings beat analysts' forecasts.
Egypt's index gained 0.7 percent, as investor sentiment was boosted by gains in U.S markets.
"It seems we are up on the back of that strong performance in the US on Thursday and Friday, but there is nothing going on in Egypt and volume is low," said a trader at CIBC. "We are going to follow the global market for the time being."
Pioneers Holding climbed 8 percent, and Alexandria Mineral Oils added 4.8 percent.
In Abu Dhabi, Dana Gas rebounded from a 28-month low, rising 3.7 percent after investors refocused on company fundamentals.
Dana said on Wednesday it more than tripled its second-quarter net profit.
The emirate's benchmark gained 0.5 percent, with Dana accounting for about half of the total volume.
"We've been building up positions because the market was due for a rebound," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
"We're sticking to markets with strong economic fundamentals like Saudi Arabia, UAE and Qatar and shying away from Egypt because of its political issues."
In Oman, Bank Muscat climbed 2 percent, oil services firm Renaissance Services gained 1.9 percent and Oman Telecommunications Co (Omantel) advanced 1.2 percent.
The index ended 1 percent higher, lifting from a two-year low. The index of the Saudi market, the largest Arab bourse, ended 0.7 percent lower on profit-taking, after a 1.9 percent rebound on Saturday.
Most trading was focused on heavyweight Saudi Basic Industries Corp (SABIC) which slipped 0.8 percent.
Al-Rajhi Bank dropped 1.1 percent while Saudi Kayan Petrochemicals bucked the trend to gain 0.3 percent.

Copyright Reuters, 2011

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