Middle East markets rebound in line with global equities, oil: broad rally in UAE markets

Markets in the Middle East pared some of the previous day's losses on Tuesday as global equities and oil prices rebounded and retail investors started buying stocks again. Brent crude rose back towards $80 a barrel on Tuesday on speculation Opec could cut output at its meeting on November 27, while European shares rose on hopes of more economic stimulus measures in Japan.
Dubai's index added 1.4 percent as contractor Arabtec Holding jumped 3.6 percent and heavyweight developer Emaar Properties gained 2.3 percent. Abu Dhabi's benchmark edged up 0.7 percent as both Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank jumped 3.2 percent. Qatar's bourse climbed 0.3 percent as bluechips Qatar National Bank and Industries Qatar rose 0.9 and 1.0 percent respectively, anticipating fresh foreign inflows when index compiler MSCI increases the weight of several Qatari stocks in its emerging markets benchmark on November 25.
SAUDI, EGYPT The main Saudi index added 0.9 percent, having dropped 2.8 percent on Monday. Food maker Savola Group and petrochemicals giant Saudi Basic Industries were the main supports, up 2.5 and 2.2 percent respectively. Shares in National Commercial Bank (NCB), the kingdom's biggest lender, dropped 5.8 percent to 61.50 riyals after surging by the daily 10 percent limit for four sessions in a row since its listing on November 12.
The stock has gained 36.7 percent from the 45.00 riyals which local retail investors paid in the initial public offer. Egypt's benchmark rose 0.6 percent, helped by Commercial International Bank, up 1.3 percent. Kuwait's index slipped 0.03 percent. Commercial Bank of Kuwait dropped 2.9 percent after Kuwaiti firm Investment Dar made a renewed legal push to secure ownership of a stake in Boubyan Bank which it sold to CBK in 2008, with the right to buy it back.
DUBAI: Index up 1.4 percent to 4,592 points.
ABU DHABI: Index up 0.7 percent to 4,941 points.
QATAR: Index up 0.3 percent to 13,809 points.
SAUDI ARABIA: Index up 0.9 percent to 9,375 points.
EGYPT: Index up 0.6 percent at 9,177.81 points.
KUWAIT: The index down 0.03 percent to 7,052 points.
OMAN: Index down 0.01 percent to 7,029 points.
BAHRAIN: Index flat at 1,451 points.