Dubai ends higher for 3rd day, Emaar up

(Getty Images)

Dubai's index DFM ended higher for a third straight session as Emaar Properties hit a two-week closing high.

Emaar climbed 2.5 percent and is the most traded stock on the benchmark.

"If you want to play the (UAE) market, then you have to take Emaar," said Nour Al Zoubi, the general manager at MAC Sharaf Securities in Dubai.

Other real estate stocks were mixed, with Deyaar adding 2.8 percent and Union Properties falling 2.2 percent.

"The uncertainty about the real estate sector is still fairly high," said Richard Frost, head of research sales at Al Futtaim HC Securities.

"Everyone agrees Emaar is extremely cheap, but confidence levels about the company are still low."

Abu Dhabi's index ADI was flat on 2,856 points , despite seven of its 10 largest stocks advancing and three unchanged.

The former group included Sorouh Real Estate, which rose 2.3 percent.

"Markets should continue to move sideways and will very much reflect what is happening on world markets," added Frost.

Kuwait's index KWSE ended higher for a fifth session running, despite none of its four largest stocks advancing.

Late selling left Zain flat after it appeared set to post a new 11-month closing high. Its shareholders will meet on Aug 31 to vote on changing ownership restrictions, while banking sources last week told Reuters that India's Reliance Communications was in talks to buy Zain's African operations.

National Bank of Kuwait recouped early losses to end unchanged, but Gulf Bank and Burgan Bank lost 1.6 and 2.7 percent respectively after ratings agency Moody's downgraded the three lenders.

The index rose 0.5 percent to 7,964 points.

"There was pretty strong buying across the region yesterday and there's no strong catalyst either internationally or locally, so it's no surprise to see markets taking a breather today," said Ali Khan, managing director and head of brokerage at Arqaam Capital.

Qatar's index QSI closed higher for the fifth session in six, despite slow trading.

Barwa Real Estate was the main support, climbing 0.9 percent, while Industries Qatar rose 0.5 percent as oil prices held steady above $71 a barrel.

"Industries Qatar has been closely correlated to oil prices," said Mohamed Abu Ghoush, head of equities brokerage at Ah-Ahli Bank.

The index climbed 0.3 percent to 6,920 points, with trading volumes narrowly above Wednesday's, which were the lowest for at least 15 months.

Bahrain's measure BAX finished higher for the sixth session in seven, although none of these gains have been by more than 0.5 percent. It rose 0.4 percent to 1,519 points.

Oman's index MSI ended lower for the second session in three, although losses were minor as Gulf Arab markets tracked sideways trading on global exchanges.

Trading was concentrated on small cap names, with the four most active stocks claiming a combined market turnover of $393m, which was barely a seventh of the value of market leader Oman Telecommunications Co (Omantel). Omantel climbed 0.1 percent, while top trader Al Hassan Engineering surged 9.7 percent.

"Oman investors look for value when buying, so if a company looks undervalued they will enter," said Sayed Quadry, vice-president of business development at Amwal Investment in Muscat. "Some of the small caps posted really good results."

The index slipped 0.2 percent to 6,256 points, with Shell Oman Marketing the main drag, falling 3.1 percent. (Reuters)

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