Dubai rebounds as top bank reports strong Q4; region stronger

Dubai - Emirates NBD surged 4.5 per cent in unusually heavy trade after it posted a 74 per cent rise in fourth-quarter net profit

Dubai's stock market rebounded moderately in early trade on Monday after the emirate's largest bank reported better-than- expected earnings, while other Gulf bourses also rose from multi-year lows.
The Dubai index was up 0.8 per cent after 50 minutes of trade, recouping some of the 15 per cent which it had lost since the end of last year.
However, the index was well off its early high - it jumped more than 2 per cent in the opening minutes - showing continued pressure from investors wanting to exit the market because of concern about sliding oil prices and the global economy.
Emirates NBD surged 4.5 per cent in unusually heavy trade after it posted a 74 per cent rise in fourth-quarter net profit. It reported a profit of 2.13 billion dirhams ($579.9 million); analysts at Beltone Financial and HSBC had forecast 1.31 billion dirhams and 1.71 billion dirhams. It also recommended a higher annual dividend.
There was some bargain-buying in property-linked sectors. Builder Arabtec and Emaar Properties rose 4.8 per cent and 1.1 per cent respectively.
Abu Dhabi's bourse climbed 1.5 per cent; top gainers were the the two largest lenders by market value, First Gulf Bank and Abu Dhabi Commercial Bank, each jumping more than 2.5 per cent.
Abu Dhabi's banks have yet to report quarterly results, and some investors bet ENBD's earnings showed potential for more positive surprises among other lenders.
In Qatar the index, which had plunged 7.2 per cent on Sunday, advanced 1.3 per cent in the first 15 minutes of trade. Telecommunications firms Ooredoo and Vodafone Qatar each rose more than 3.0 percent.