Gulf stock markets extended gains in early trade on Monday after several companies published positive fourth-quarter earnings and Dubai property developer DAMAC gained as it listed on its home market.

Shares in DAMAC, which had previously traded only in the form of global depositary receipts in London, rose 6.5 per cent above their London price to 2.97 dirhams, leading gains in Dubai. The emirate’s index added 0.9 per cent.

Property firms enjoy richer valuations in Dubai than in London. DAMAC’s Friday close in London was at 5.9 times its 2013 earnings. Dubai’s biggest listed developer Emaar Properties trades at a ratio of 20.5 and its smaller competitor Deyaar is valued at 31.8 times 2013 earnings.

Elsewhere in the region, Abu Dhabi’s index edged up 0.3 per cent and Qatar added 0.5 per cent. Petrochemicals-to-steel conglomerate Industries Qatar fell 1.6 per cent after plunging its daily 10 per cent limit in the previous session on a disappointing 2014 dividend proposal.

Oman’s benchmark rose 0.5 per cent and investment firm Al Anwar Holding led gains, jumping 4.5 per cent. The company had said late on Sunday that its profit in the three months to December 31 had more than doubled to 3.7 million rials ($9.7 million).

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