UAE exchanges close higher after 2 days of falls

SHARES BOOST: UAE markets closed higher on Wednesday. (Getty Images)

UAE bourses ended higher on Wednesday after two days of falls, tracking strength in global markets.

Dubai's index rose 0.98 percent to 1,677 points led by Emaar Properties which climbed 2.76 percent and Dubai Islamic Bank which advanced 3.91 percent.

Emirates Telecommunications Co (Etisalat) led gains in Abu Dhabi, rising 1.2 percent.

National Bank of Abu Dhabi advanced 0.63 percent as the emirate's benchmark eded up 0.76 percent at 2,586 points.

Al-Rajhi Bank ended 8.4 percent higher after it sees opportunities for M&A deals in Asia, it said on Tuesday.

The kingdom's index closed 3.18 percent higher at 5,216 points.

Etihad Etisalat rose 3.71 percent after its first-quarter profit jumped 47 percent and Dar al-Arkan closed 4.25 percent higher.

Kingdom Holding dropped 8.62 percent after its first-quarter profit fell 83.5 percent.

Banks led Oman's bourse to close sharply higher as investors tracked gains in US shares on Tuesday and strength in Asian stocks on Wednesday.

Bank Muscat rallied 7.61 percent and National Bank of Oman jumped 4.81 percent.

The index closed 4.01 percent higher at 5,267 points, reversing two trading days of gains.

Kuwait's National Mobile Telecommunications Co (Wataniya) ended 4.71 percent lower after posting a 4.4 percent fall in first quarter net profit, helping steer the country's main index to a weaker close.

Qatar and Bahrain both rose.

"Wataniya has been negative on the market. On the back of that, market expectations are for weak results for Zain," said Shahid Hameed, head of asset management at Global Investment House in Kuwait.

The index fell 0.55 percent to 7,469 points.

Qatar's benchmark ended 0.22 percent higher at 5,285 points led by Qatar National Bank which climbed 1.93 percent.

Bahrain Saudi Bank fell 9.88 percent after it received an offer from Al Salam Bank to buy all of its issued and paid-up shares.

Bahrain's bourse edged 0.4 percent higher to 1,660 points.

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