Dubai's index was the strongest performer in the region,
advancing 0.9 percent to 1,705 points, while only Oman's bourse edged slightly
lower.
"The hope is for a good year-ending," said Vyas
Jayabhanu, head of investments at Al Dhafra Financial Broker, adding that the
performance of global stocks was also fuelling optimism.
The Bank of Japan unexpectedly cut interest rates, sparking
speculation that other governments would follow suit.
Domestic real estate-related stocks benefited most from the
regained confidence, with heavyweight Emaar Properties moving 0.8 percent
higher.
Some analysts said there was nevertheless some caution amid
investors who are gearing up for the third-quarter results.
Investors expect third-quarter results to be "stable
for the big fish and for the small it's going to be mellow," Jayabhanu
said.
The Abu Dhabi index climbed 0.7 percent to 2,678 points.
In Oman, for instance, Omantel fell 0.2 percent, due to a
late sell-off. Bank Muscat gave up most of its early gains and ended only 0.2
percent higher.
"We noticed that there are few buyers on selective
stocks," said Gunjan Gupta at Oman Arab Bank, also adding that investors
are waiting for third-quarter earnings.
Saudi stocks surged on firm oil prices and a more positive
global economic outlook. The Tadawul All-Share Index (TASI) closed 0.33 percent
higher at 6,417.68 on Wednesday. The sector activity for the day was mixed with
7 out of 15 sectors closing with gains ranging from 0.53 percent by the Retail
sector to 1.29 percent by the Energy & Utilities sector. On the other hand
losing sectors ranged from 0.01 percent losses by the Building &
Construction sector to 0.40 percent losses by the Media and Publishing sector.
The overall market breadth for the day was negative with 72 advancers against
50 decliners giving it an AD ratio of 1.44, the Financial Transaction House
(FTH) said in its daily market commentary.
The liquidity for the day reached SR3.02 billion.
Qatar National Bank (QNB), the Gulf state's largest lender
by market capitalization, posted a 41.5 percent jump in third-quarter net
profit on Wednesday on increased loans, financing activities and deposits.
The results were released after market close. Net profit in
the three months to Sept. 30 rose to 1.5 billion Qatari riyals ($412 million),
according to Reuters calculations.
The Qatari index rose 0.6 percent to 7,750 points.
The Kuwaiti index gained 0.13 percent to 6,955 points.
The Bahraini index advanced 0.03 percent to 1,451 points.
In the next few days, regional markets could continue to
rise if the global context remains favorable.
— With input from agencies
