MARKET TALK: Most Gulf markets end up; UAE stocks hit multi-year High

Wednesday, Apr 24, 2013

1027 GMT [Zawya Dow Jones]--Most Persian Gulf markets end higher on Wednesday; U.A.E. stocks extend gains as investors cheer some positive company news flow amid a buoyant economic outlook for the country. Abu Dhabi's market rises 2.1% to 3254.07, closing at its highest level since early November 2008. National Bank of Abu Dhabi +5.4% at AED11.70 after its 1Q earnings beat most expectations. "The key driver for the positive surprise was higher-than-expected investment income and other operating income," analyst at NBK Capital says. Etisalat up 4% at AED10.45 after telco said it will submit a binding offer to buy Vivendi's stake in Maroc Telecom today. Dubai's market +1.6% at 2052.91; extends gains after hitting a 41-month high in the previous session. Emirates NBD +10.6% at AED4.99; its 1Q earnings are expected soon. Kuwait's benchmark index is up 0.8% at 7227.33 and Doha ends +1.4% at 8656.22. (nikhil.lohade@dowjones.com; Twitter: @ZDJnews)

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24-04-13 1027GMT