Agility, the Middle East's biggest storage and logistics provider, surged the most in 11 months in Kuwait trading. Emirates Telecommunications Corp, the United Arab Emirates' biggest phone company, closed at the lowest in two weeks.

The Kuwait Stock Exchange Index increased 0.8 per cent, the biggest fluctuation among the Gulf's seven benchmarks, to 7,112.6. Abu Dhabi's ADX General Index fell 0.1 per cent.

U.S. stocks gained on December 24, pushing the Standard & Poor's 500 Index to a 15-month high, as rising commodity prices boosted metal producers and reports showed the economy is improving.

Oil closed at $78.05 a barrel on December 24, up 1.8 percent. On the Abu Dhabi Securities Market shares valued at 114 million dirhams ($31 million) traded yesterday, compared with the 50-day average of 242 million dirhams.

"Despite an encouraging backdrop to international markets last week, trading activity remains subdued in the Gulf given the time of year," said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. "Volumes are modest and a possible catalyst remains elusive."

Saudi Arabia's Tadawul All-share index fell 0.3 per cent to 6,254.67, ending two days of gains. The Dubai Financial Market General Index added 0.6 per cent, bringing the gain for the year to 8.1 per cent.

Qatar's Doha Securities Market Index fell 0.2 percent, while Oman's Muscat Securities Market 30 Index increased 0.2 per cent.

The Bahraini market is closed today and tomorrow for a public holiday.

Agility ended five days of losses, surging 8.2 per cent, the biggest increase since Jan. 27, to 660 fils. Gulf Warehousing, a Qatari storage and logistics company, advanced 6.4 percent to 21.7 riyals. Agility Qatar is 49 per cent owned by the Kuwait- based Agility.

Etisalat lost 1.4 percent to 10.6 dirhams, the lowest close since December 10.

Drake & Scull International PJSC rose 2.3 per cent to 0.9 dirham. The Dubai-based engineering contractor increased its holding in Kuwaiti-based Drake & Scull International for Electrical Contracting to 75 per cent.

The Guardian Newspaper, Monday December 28, 2009.