DUBAI: Gulf Arab markets were mixed yesterday, with late buying lifting Dubai and Abu Dhabi, but Qatar and Kuwait extended losses as investors closed positions ahead of second-quarter results.

Saudi Arabia also ended higher and further gains are forecast for today, but analysts said they expected any rally to be temporary, with the medium-term trend remaining downward over the summer in the absence of positive catalysts.

The Tadawul All-Share Index (TASI) climbed 1.2 percent to 5,553 points. The sector activity was mainly positive with 13 sectors closing in gains ranging from 0.24 percent by Real Estate Development to 3.81 percent by Insurance sector. The two sectors which closed with losses were Hotel & Tourism and Energy & Utilities with meager losses of 0.20 percent and 0.41 percent respectively. The market breadth was strongly positive with 103 advancers against 15 decliners giving an AD ratio of 6.87, the Jeddah-based Financial Transaction House (FTH) said yesterday in its market report.

Dubai climbed 2.9 percent, clawing back some of its 6.1 percent fall the previous day, with traders attracted by cheaper valuations. Fifteen stocks climbed more than 4 percent, but Emaar Properties fell to take its losses to 11.8 percent in the two trading days since announcing plans to merge with three real estate units of Dubai Holding.

UAE Bank stocks rebounded to help Abu Dhabi's benchmark rise 0.9 percent to end a seven-session losing streak, with property shares also rising. Last-traded prices were markedly higher than the closing averages, which points to a higher opening on Tuesday.

Kuwait's index ended lower for a third day, falling 1.1 percent, as volumes fell to a fresh 16-week low. None of the 20 largest stocks advanced, with banks, telecoms and logistics firms all declining.

Qatar also fell, losing 2.2 percent. Oman's index declined, but late buying suggests it may rebound on Tuesday, said Adel Nasr, United Securities brokerage manager.

— With input from agencies