Abu Dhabi property stocks rebound

Abu Dhabi's property stocks extended gains in a slight rebound from Tuesday's all-time lows but trading was muted and most markets were near-flat. Aldar Properties gained 2 percent while Sorouh Real Estate was given back earlier gains to trade flat. Abu Dhabi's benchmark climbed 0.2 percent to 2,449 points, up from a 30-month low as bottom-fishing lifts battered stocks. "In the UAE there is no investor interest - whatever foreign money it had, evaporated and the market has been falling on thin volumes," said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. "Although there are a few individual stock picks, and valuations look cheap at these levels, there seem to be no positive triggers." Dubai's index eased 0.03 percent to 1,363 points, edging towards Tuesday's seven-month lows. In Qatar, shares in Qatar Islamic Bank (QIB) gained 0.5 percent after its quarterly net profit beat estimates. It reported a 33.6 percent jump in net profit backed by strong investment income growth. Qatar's benchmark slipped 0.2 percent to 8,362 points, down for a third-day. Oman and Kuwait's markets traded flat and trading is muted across the Gulf as risk appetite is low ahead of the weekend. Investors remained cautious ahead of a European leaders' summit on Sunday with little hopes of a quick resolution to the eurozone debt crisis.