* Dubai jumps to year's high in heavy trade
* Qatar extends gains after turning technically bullish
* Saudi slips in heaviest volume since April
* Oil rally now full priced, many think
* Egypt's OTMT recovers slightly from last week's losses
By Celine Aswad
DUBAI, Dec 12 Stock markets in the United Arab
Emirates and Qatar jumped on Monday as crude oil prices shot to
their highest since mid-2015, but the uptrend in Saudi Arabia
lost steam as investors anticipated the state budget.
Brent crude soared as high as $57.89 per barrel on
Monday morning in response to the weekend deal between OPEC and
non-OPEC producers to cut output.
The index in Dubai, which was closed on Sunday for
a public holiday, climbed 2.8 percent to 3,657 points, its
highest finish this year, in the heaviest trade since March.
It rose above technical resistance on its August peak of
3,624 points. Any clean break of that resistance - a second
straight daily close above it - would be technically bullish,
pointing up to the October 2015 peak of 3,740 points.
Eighty percent of traded shares advanced with the largest
listed real estate developer, Emaar Properties,
gaining 5.1 percent.
In Abu Dhabi, the index added 0.7 percent with the
main support coming from a 2.2 percent gain in the largest
listed stock, Etisalat. Abu Dhabi National Energy
jumped 5.7 percent.
In Qatar the index added a further 1.4 percent to
10,329 points, closing for a second day above technical
resistance on its 200-day average.
Commercial Bank advanced 1.1 percent to 32.85
rials. It said on Sunday it was offering 58.8 million new shares
to rights holders at 25.50 riyals each; rights trading will
start on Wednesday and end two weeks later.
In Saudi Arabia, the general market index slipped
0.5 percent in the heaviest trade since April. On Sunday, it had
gained 1.1 percent on the oil-deal news; many institutional
investors think the petrochemical sector is now fairly valued.
"The positive news with regards to OPEC and to the improving
financial position of the government after the bond issuance in
October has now been fully reflected in market prices. Now
investors are repositioning portfolios in preparation for the
state budget announcement before the end of the year," said
Jassim Aljubran, analyst at Aljazira Capital.
Another round of subsidy cuts is expected in the budget,
Aljubran added, but he believes the worst for Saudi companies is
now largely behind them.
On Monday investors dumped most petrochemical shares with
bellwether producer Saudi Basic Industries dropping
1.3 percent. The insurance sector, favoured by local
retail investors, also sold off, declining 1.4 percent.
The index in Egypt, also closed on Sunday for a
holiday, rose 1.3 percent after two sessions of declines.
Exchange data showed foreigners were net buyers by a very small
margin; they have been buyers consistently since the Egyptian
pound was floated on Nov. 3.
Orascom Telecom, the most heavily traded share,
rebounded 2.6 percent after plunging last week on news that
long-time chief executive Najuib Sawiris would step down next
month and that it is winding down a North Korean bank affiliate.
Ezz Steel surged 8.2 percent to 12.65 Egyptian
pounds, its highest close in 19 months. Investors are still
chasing companies that may benefit from the currency float;
according to a note by Prime Holding, Ezz Steel has been able to
pass on its higher costs from a weaker pound to its end users.
The market did not show any major reaction to the suicide
bomb arrack at the weekend that killed 24 people at Cairo's main
* The index fell 0.5 percent to 7,162 points.
* The index added 1.3 percent to 11,444 points.
* The index climbed 2.8 percent to 3,657 points.
* The index added 0.7 percent to 4,549 points.
* The index rose 1.4 percent to 10,329 points.
* Kuwait's index rose 0.5 percent to 5,637 points.
* The index slipped 0.1 percent to 1,191 points.
(Editing by Andrew Torchia)