UAE markets halt drop, Doha rebounds

UAE markets halt declines and Qatar's bourse rebounds from a 10-month low on Sunday after moves by European leaders to ease the euro zone debt crisis boost sentiment. Dubai's index rises 0.7 percent to 1,463 points, snapping a six-session losing streak.
Bellwether Emaar Properties and Union Properties each advance 1.8 percent. Deyaar Development gains 2.4 percent. This trio account for about 40 percent of all shares traded.
Abu Dhabi's benchmark climbs 0.5 percent to 2,460 points, up from Thursday's two-week closing low.
Gulf markets gains are unlikely to be sustainable as investor activity dwindles. This trading slump is largely due to a usual summer lull, plus muted expectations for second-quarter earnings.
"It's a difficult time for the markets," says Fouad Darwish, head of brokerage at Kuwait-based Global Investment House.
In Qatar, the measure finishes 1 percent higher at 8,207 points, its largest one-day gain since Jan. 3.
Heavyweight Qatar National Bank climbs 1.3 percent and Industries Qatar adds 1.8 percent.
Elsewhere, Kuwait makes its largest one-day gain since Feb. 19. The index climbs 1.1 percent to finish at 5,855 points, up from Thursday's five-month low with trading focused on small-caps.
Gulf Finance House jumps 7 percent and Investor Holding Group rallies 9.1 percent.
Saudi Arabia's index falls in early trade after notching up its largest one-day gain in 10 weeks on Saturday as investors wait for new catalysts to justify further buying.
The index slips 0.4 percent to 6,681 points. It slumped to a five-month low on Wednesday, but rose 1.9 percent on Saturday following big gains in oil prices and world stocks. That surge came after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain.
Most other bluechips decline, with Saudi Basic Industries (SABIC) and Al Rajhi Bank down 0.5 and 0.3 percent respectively. Elsewhere, Oman's benchmark rises 0.1 percent to 5,696 points. In Kuwait, the index climbs 0.6 percent to 5,826 points, up from Thursday's five-month low. In Qatar, the index climbs 0.4 percent to 8,159 points, easing from Thursday's 10-month low.