Stocks News Mideast-Masraf Al Rayan lifts Doha bourse Wednesday, 01 February 2012 11:09

Qatar's Masraf Al Rayan rises for a third day, extending gains since the Islamic lender reported a 16.3 percent increase in full-year net profit, helping Doha's index  edge higher.

Al Rayan climbs 1.6 percent, but other banking stocks slip. Qatar Islamic Bank drops 1.3 percent and Commercial Bank of Qatar loses 1.6 percent.

The Doha index climbs 0.2 percent to 8,581 points. The benchmark has ended higher in the five sessions since Jan. 24's three-month low.

In Kuwait, telecoms firm Zain advances 1.2 percent. The index drops 0.3 percent to 5,849 points.Shares in National Bank of Abu Dhabi rise after the lender proposed a 30 percent cash dividend.

NBAD's shares climb 3.3 percent. The UAE's largest bank market value also made a fourth-]

"Defensive, high dividend yield stocks will continue to outperform the market, such as banks, airlines and utilities," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.quarter net profit of 724 million dirhams ($197.27 million), compared with 732 million dirhams for the year-ago period.

It also proposed a 30 percent bonus share distribution.

Rival lender First Gulf Bank climbs 0.9 percent to 17.30 dirhams, extending gains for a second day since it reported above-forecast earnings.

"FGB's earnings were outstanding in that its profit came from operating income, so the market reacted aggressively yesterday and this will probably continue today," says Shurrab.

"The stock should move towards 20 dirhams before we really start to see profit taking." Abu Dhabi's index climbs 1 percent to 2,479 points.

UAE utility firm Tabreed's is flat after saying its fourth-quarter net profit more than doubled.

Real estate stocks in the UAE may face selling pressure, with a Reuters poll forecasting further house price declines.  (Reuters/ Praveen Menon )