Emaar shares surge to lift Dubai to higher close

ON THE UP: Dubai Financial Market closed higher on Wednesday, boosted by Emaar shares. (Getty Images)

Emaar Properties surged as Dubai stocks rallied, lifting the index to a higher close.

Emaar climbed 5 percent and Deyaar rose 5.2 percent as 18 stocks advanced by more than 3 percent.

Drake & Scull was the biggest gainer, jumping 13.5 percent, after saying the construction firm said it had won a $133 million contract for Lamar Towers in Saudi Arabia.

The index climbed 3.7 percent to 1,908 points, its biggest one-day gain since June 14, while volumes hit a week-high.

Abu Dhabi's benchmark fell for the seventh session in eight, slipping 1.1 percent to 2,628 points, although the major stocks' last prices were higher than their closing averages, suggesting they should open higher on Thursday.

First Gulf Bank fell 5.1 percent and Aabar Investment dropped 4.5 percent.

National Mobile Telecommunications Co (Wataniya) soared after winning a court case, helping Kuwait's index to a higher close and its largest one-day gain this month.

The firm climbed 6.3 percent after saying a court case win would enable it to reverse $203 million in provisions.

Other blue chips also surged, with Mobile Telecommunications Co (ZAIN), National Bank of Kuwait and Kuwait Finance House all rising more than 3 percent.

These advances helped the index end higher for a second day, climbing 1.5 percent to 8,189 points, its biggest one-day gain since May 31.

Qatar's index also finished higher, climbing 1.3 percent to 6,521 points as volumes slumped to a two-week low.

Masraf Al Rayan accounted for more than a third of all trading and rose 0.8 percent, but Qatar Commercial Bank was the most prominent gainer, surging 4.4 percent.

Bahrain's measure ended slightly lower, falling 0.1 percent to 1,619 points, its third straight loss.

Oman's index ended lower for a second day as trading fell to a two-week low.

Oman Telecommunications (Omantel) slipped 1.3 percent, while Bank Muscat and National Bank of Oman both fell by more than 2 percent as investors continued to offload the blue chips ahead of changes to the index that will slash their weightings.

The index fell 0.8 percent to 5,700 points, with Wednesday's volumes of 16.8 shares the lowest since June 9.

Saudi Arabia's index ended higher for the first session in six, bolstered by bank gains.

Al-Rajhi Bank climbed 2 percent and Banque Saudi Fransi and Arab Bank both rose 1.5 percent.

These gains helped outweigh losses in the petrochemicals sector, which falters as oil prices slump following a rally late Tuesday.

Saudi Basic Industries Corp (SABIC) and Yanbu National Petrochemicals Co (Yansab) each dropped 0.8 percent.

Oil falls below $69 a barrel after US industry data showed gasoline reservoirs swelled unexpectedly.

Saudi's index climbed 0.5 percent to 5,609 points.

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