Gulf markets end lower

Most Gulf markets ended lower, pausing from recent rallies as investors book profits.

Saudi telecom company Etihad Etisalat (Mobily) rose, helping lift the Saudi index which ended slightly higher.

Etihad Etisalat climbed 0.4 per cent after Riyad Capital upped its price target on the company on Monday.

"We believe rising free cashflows and declining debt burden has cushioned Mobily to distribute more cash to shareholders," said Riyad Capital, which kept its "buy" rating on the stock.

The benchmark ended 0.1 per cent higher at 6,744 points.

UAE markets fall as investors book profits

Dubai's market paused from a recent rally, as investors book profits after the index climbed to a five-month closing high in the previous session, but builder Arabtec extended gains.

Arabtec ended 3.9 per cent higher, continuing its surge but this is not enough to lift the benchmark.

"Of course a lot of the action is in Arabtec where the stock has been skyrocketing without any structural reason. The stock has rallied so much that it would be healthy for the company or the regulator to comment on this price action," said Ahmed Talhaoui at Royal Capital.

Emaar Properties fell 2.1 per cent, weighing on the index which slipped 0.2 per cent to 1,474 points.

Abu Dhabi's measure extended losses, falling 0.3 per cent to 2,469 points. Union National Bank retreated 6.6 per cent after fourth-quarter net profit missed expectations on high provisioning.

In Kuwait, the benchmark dropped 0.2 per cent to 5,827 points and Qatar's index also ended lower, retreating 0.5 per cent to 8,687 points.

Oman up on local support

Oman Telecommunications Co (Omantel) hits a six-week high as institutional investors target the stock, helping Muscat index's end higher.

Omantel climbed 1 per cent to its highest finish since December 25.

"Omantel is driven by earnings speculation as results are expected within a week, and in anticipation of the dividend yield. There is buying especially from regional institutional investors," said Adel Nasr at United Securities.

Renaissance Services added 0.8 per cent and Bank Muscat climbed 4.7 per cent.

"Bank Muscat rebounded on foreign buying," Nasr said.

The index rose 0.4 per cent to 5,591 points.