Emaar stocks leads Dubai to higher close

STOCKS LATEST: Most Gulf markets rose early on Thursday on the back of an oil price rally the previous day. (Getty Images)

Dubai's benchmark closed higher for a third day led by Emaar Properties which rose 0.5 percent.

The bourse ended 0.2 percent higher at 2,194 points.

First Gulf Bank led Abu Dhabi's main measure higher climbing 3 percent.

The index rose 0.4 percent to 3,138 points.

Kuwait's bourse ended lower as Qatar and Bahrain rose amid regional strength supported by Wednesday's climb in oil prices.

Kuwait fell 0.8 percent to 7,755 points

"We expect Kuwait to substantially underperform regional markets. Kuwait is trying to sort out issues in its investment sector," says Rami Sidani, head of Middle East and North Africa investments at Schroder Investment Management.

Qatar's index advanced 1 percent to 7,485 points.

Oman Cement ended 4.5 percent higher, helping lead the country's bourse higher by 0.9 percent to 6,633 points, as Wednesday's sharp rise in oil prices boosted sentiment.

"There is a large amount of interest from regional investors in the stock," says Sanker Kailasam, head of research at Gulf Investment Services in Muscat.

Oman plans to spend $310m to expand an airport and sea port in the south of the country, its economy minister said on Wednesday.

Qatar's bourse opened higher led by Industries Qatar and Doha Bank which climbed 0.9 percent and 1.6 percent respectively.

The index was up 0.5 percent at 7,449 points.

"There is an expectation of better results for the third quarter," said Sankar Kailasam, head of research at Gulf Investment Services in Muscat.

"Confidence in the market is better and credit is growing so that is helping sentiment." (Reuters)

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