Dubai, Qatar Climb; Gulf Navigation Surges

Stock markets in Dubai and Qatar rebounded in early trade on Sunday in response to strong global markets, though Abu Dhabi was dampened by weak earnings from Union National Bank.

The Dubai stock index added 1.2 percent as Gulf Navigation, the most heavily traded stock, gained 6.3 percent.

Integrated Capital, controlled by Abu Dhabi Financial Group, raised its stake in Gulf Navigation to 5.19 percent in mid-August and has since increased it further to 6.01 percent, exchange data shows.

Qatar's index climbed 0.6 percent as Qatar Navigation gained 3.6 percent after reporting a 1.8 percent rise in third-quarter net profit to 308 million riyals ($84.6 million), in line with analysts' estimates.

Abu Dhabi's index edged down 0.3 percent, however, after Union National Bank posted a 12.4 percent fall in third-quarter net profit to 480.59 million dirhams ($130.9 million) because of higher loan impairments. Analysts polled by Reuters had forecast an average of 541.8 million dirhams. Its shares lost 2.7 percent.

Elsewhere, Kuwait Finance House, the country's biggest Islamic lender, rose 3.6 percent after reporting a 21.6 percent rise in third-quarter net profit to 43.4 million dinars ($143.8 million); analysts had forecast 33.5-41.0 million dinars. The Kuwait stock index edged up 0.2 percent.

(Reporting by Andrew Torchia, editing by Larry King)