Middle East markets: most markets rally, Abu Dhabi at four-week high

Most Middle East markets rallied on Sunday, playing catch-up with recent gains in world stocks as investor sentiment was lifted by a deal to solve Europe's debt crisis, with UAE bourses closing at their highest levels in four weeks.
Abu Dhabi's bourse made its largest gain in 17 months, and Egypt's measure rose to its highest level since September 21, also lifted by a period of relative political calm in Egypt.
Abu Dhabi's Sorouh Real Estate rose 6.4 percent, Aldar gained 3.9 percent and Eshraq Properties jumped 6.1 percent. The index rose 1.5 percent. "We've had sharp rebound in stocks globally, everybody is relieved that it didn't come to a complete meltdown and the UAE is reacting," said Hashem Montasser, managing partner at Frontlane Capital, a Dubai-based asset management firm.
Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on their Greek government bonds under a plan to try to contain the two-year-old euro zone crisis.
Dubai's benchmark climbed 2.6 percent to its highest level since October 2. Emaar Properties surged 5.8 percent, trimming its year-to-date losses to 22.5 percent after third-quarter net profit beat analyst forecasts despite falling.
Builder Arabtec rose 4.5 percent and Drake and Scull added 5.7 percent.
"I believe for the first time in five months we see signs of a respectable rebound in UAE markets," said Mohammed Yasin, CAPM Investment chief investment officer. Improving earnings in UAE banks, mostly beating estimates, has helped the rebound, he added.
In Egypt, the index rose 2.6 percent, making its biggest gain since August 10. Orascom Telecom and Orascom Construction gained 5.1 percent and 2.4 percent respectively and Commercial International Bank climbed 4.2 percent.
Qatar's benchmark climbed 1 percent to its highest close since May 19.
Qatar National Bank was the main support, rising 1.2 percent. Industries Qatar added 2.2 percent and Commercial Bank of Qatar gained 1.6 percent. Kuwait's index rose 0.1 percent each Kuwait's Jazeera Airways ended at a three-year high, up 7 percent, as investors bought on upbeat earnings after comments from the chairman the low-cost carrier would post record profit for 2011.
In Saudi Arabia, the index gave back some of Saturday's gains, dipping 0.1 percent. Investors booked profits in petrochemicals and insurance stocks and bought into other sectors such as food and agriculture.
"Speculation has heated up from the support of both individuals and institutional," said Tarek Al Mady, Saudi-based financial analyst. "Insurance stocks can give them almost 10 percent in capital gains on a daily basis while other stocks like SABIC can only generate 1 percent." Heavyweight Saudi Basic Industries Corp (SABIC) fell 1.5 percent and Yanbu National Petrochemical down 0.7 percent.