Arabtec shares soar for third successive day

DUBAI SHARES: The index was up on Thursday, boosted by Arabtec. (Getty Images)

Dubai construction firm Arabtec ended limit-up (15 percent) for the third consecutive trading session after it said on Tuesday it would raise its capital through a bonus share issue.

Emaar Properties soared nearly 10 percent, leading the benchmark to close up 3.01 percent at 1,928 points, as investors took heart from a rally in global stock markets.

In Abu Dhabi, the benchmark closed up 1.31 percent at 2,720 points, led higher by Etisalat, which ended up 2.92 percent.

Sorouh Real Estate and Aldar Properties finished 5.3 percent and 3.4 percent respectively.

Qatar's Nakilat ended up 5.58 percent, lifting the index to a higher close, as investor confidence was buoyed by a rally in global markets.

"Global sentiment has changed...and Nakilat shares were among those that saw the most pressure from foreigners in the last few months," said Samer al-Jaouni at Middle East Financial Brokerage Co.

Qatar National Bank and Industries Qatar closed 2.34 percent and 2.5 percent higher as the Doha benchmark ended 2.46 percent higher at 5,724 points.

Kuwait's main index closed up 1.31 percent at 8,728 points, also tracking global markets and after the government said a planned state investment fund will start buying into the country's bourse before Eid.

National Bank of Kuwait and Kuwait Finance House rose 6.94 percent and 6.41 percent respectively.

Oman's main index closed up 1.38 percent at 6,125 points, led higher by banks stocks.

Bank Muscat and National Bank of Oman ended up 2.15 percent and 2.96 percent respectively.

Meanwhile, Bahrain's benchmark rose 0.36 percent to 1,920 points.

Gulf Arab markets were expected to hold steady on Thursday, with investors cautious as they fear the region's economies may still be hit by global woes.

In the UAE, concerns over the health of the property sector are hampering risk appetite.

"My investors are not comfortable. They think the real estate sector and the economy are still affected," said Hamood Abdulla Al Yasi, general manager at Emirates International Securities.

"I would say markets will hold steady but it depends on what kind of volumes we see," he added.

Gulf bourses ended mixed on Wednesday as investors remained cautious ahead of the holiday season, despite a rise by Asian stocks after an $800 billion rescue package in the United States.

Meanwhile, Asia markets rose for a fifth day on Thursday, helped by hopes that policymakers' efforts will ultimately prevail after China's big rate cut.

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