Dubai's index posts strongest gains of all Gulf markets

STOCK MARKET: The Dubai Financial Market. (Getty Images)

For a second straight session, Dubai's index posted the strongest gains of all Arab Gulf markets.

The index rose 2.7 percent to 2,084 points.

All active stocks closed higher or unchanged.

Emaar Properties was again among the strongest gainers, advancing 3.5 percent.

EFG Hermes revised its forecast on the UAE property sector, saying the sector at large has performed relatively well.

"The recovery from the bottom has been rational and gradual as valuations re-rated, dismissing a bankruptcy scenario for some developers," analysts say.

Financial services companies helped lift the Saudi market 1.6 percent to 5,948 points, ts highest close since June 20.

Heavyweights Samba and Riyad Bank rose 5.2 percent and 4.3 percent respectively.

Saudi Electric gave up some of its gains of the past week, falling 0.5 percent.

Saudi Basic Industries Corp (SABIC) ended unchanged after a strong start in early trading. It was the second-most actively traded stock on Wednesday, after Alinma Bank which advanced 0.4 percent.

Banks in Abu Dhabi helped push up the main index by 1.7 percent to 3,052 points.

Abu Dhabi Commercial Bank and Union National Bank advanced 9.8 percent and 7.5 percent respectively.

Stock markets in Qatar, Bahrain and Kuwait advanced to a higher close, tracking strength in global equities after upbeat US data.

Qatar's index rose 0.9 percent to 7,108 points, recouping some of its losses from the past two days.

Industries Qatar, the biggest stock by market value on the index, gained 2.2 percent. Most other large caps ended in positive territory.

Volumes in Bahrain were thin, as the main index climbed 0.5 percent to 1,530 points, hitting its highest level since last week.

Batelco was the most active stock, rising 0.9 percent.

Kuwait's benchmark also posted gains, advancing 0.6 percent to 7,738 points.

Boubyan Bank rose 3.5 percent, one day after National Bank of Kuwait said it raised its stake in the Islamic lender to 40 percent.

Oman's index closed unchanged as bullish sentiment lifted stocks in early trading, but gains were later erased due to profit-taking and a correction in some blue chip stocks.

Muscat's bourse closed at 6,601 points, remaining at 10-month highs.

Omantel shed 0.7 percent and Bank Muscat fell 0.3 percent. (Reuters)

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