Most Arab markets close higher, UAE ends flat

STOCK WATCH: Aldar said it priced its $1.25bn, 5-year bond with a fixed coupon of 8.75 percent, a quarter point below market expectations. (Getty Images)

Most Gulf Arab bourses edged higher on Thursday, with Qatar posting the strongest gains as investors took heart from a planned merger between two property firms.

Shares in Barwa Real Estate Co and Qatar Real Estate Co gained 6.73 percent and 4.19 percent respectively. The benchmark rose 1.48 percent, extending gains into a fourth trading session.

"Investors see this as positive. It's the main reason for the high turnover today," said Samer al-Jaouni, general manager of Middle East Financial Brokerage Co in Dubai.

In January, Qatar's government ordered Barwa, an affiliate of state-owned Qatari Diar, to merge with Qatar Real Estate Investment Co.

Markets in the UAE ended almost flat in thin volumes as foreign institutions stayed on the sidelines, digesting the federation's decision to withdraw from Gulf Arab plans for monetary union, although it held the door open on Thursday.

"Institutional and international investors will take longer to understand what the effects will be," said Mohammed Yasin, chief executive at Shuaa Securities in Abu Dhabi.

"There has not been a rush to the market. Volumes are down."

Dubai's main index ended up 0.26 percent, while the Abu Dhabi benchmark edged down 0.02 percent.

In Kuwait, trading was also slow as investors were still waiting to gage whether parliamentary elections held earlier this week would increase the chances of much-anticipated economic reform and stimulus packages being approved.

"Investors are still watching the market after the elections. Foreign funds are not flowing in like they are in other markets like Qatar," Jaouni said.

The Kuwait index closed up 0.75 percent, having ended higher four out of this week's five trading sessions.

Bahrain's benchmark rose 0.87 percent to 1,626 points. The Saudi market is closed on Thursdays.

QATAR

The Doha index  ended up 1.48 percent higher at 6,809 points.

KUWAIT

Kuwait's main index ended up 0.75 percent at 7,773 points.

Kuwait Finance House rose 1.72 percent.

ABU DHABI

The index  edged down 0.02 percent to 2,612 points.

Abu Dhabi National Energy Co rose 3.53 percent, while Emirates Telecommunications Corp inched 0.4 percent down.

DUBAI

The benchmark ended up 0.26 percent at 1,666 points.

Aramex and Emaar Properties gained 6.9 percent and 0.77 percent respectively.

OMAN

The Muscat benchmark ended 1.47 percent higher at 5,507 points. The index has ended higher three out of five sessions this week.

Bank Muscat gained 2.03 percent.

BAHRAIN

Bahrain's bourse edged up 0.97 percent higher to 1,626 points.

Gulf Finance House climbed 10 percent.

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