Dubai exchange bucks trend by closing higher

SHARES DOWN: UAE markets were hit by drops in real estate and banking shares in early trading. (Getty Images)

Dubai's Emaar Properties rose 4.53 percent on Thursday, helping to lift the main index to a higher close.

The dubai index was the only Gulf exchange to finish up and ended 1.49 percent higher at 3,256 points with construction firm Arabtec up 5 percent and Union Properties gaining 3.81 percent.

"Technically speaking, a handbrake was pulled on the market when it reached the 3,130 point-level - that's the low we reached a few days ago," said Mohamad Alami, senior equity trader at Naeem Shares and Bonds.

In Abu Dhabi, the main index lost 2.03 percent to end at 3,522 points.

Etisalat was the top heavyweight loser of the session, closing 1.57 percent lower while National Bank of Abu Dhabi slipped 5.58 percent, and Sorouh Real Estate and Aldar Properties shed 6.49 percent and 5.71 percent respectively.

Kuwait's Mobile Telecommunications Co (Zain) ended 6.56 percent lower, dragging the index down nearly 3 percent.

National Bank of Kuwait and Kuwait Finance House fell 4.94 percent and 2.86 percent lower respectively as the benchmark slipped 2.99 percent to 10,481 points.

In Qatar, the benchmark plunged 4.42 percent to 7,569 points, having lost more than 20 percent since the beginning of the year.

Industries Qatar and Qatar Gas and Transport (Nakilat) dropped 7.46 percent and 5.09 percent respectively.

Bahrain's main index ended 0.8 percent lower at 2,290 points. Ahli United Bank and Gulf Finance House slipped 1.1 percent and 5.6 percent lower respectively.

Oman Cable Industries Co ended 6.68 percent lower, making it the top heavyweight loser on the Muscat benchmark on Thursday.

Bank Muscat and National Bank of Oman lost 1.91 percent and 2.65 percent respectively as the index declines 2.36 percent to 7,093 points.

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