Drake and Scull helps lift Dubai; Etisalat recovers

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Dubai-listed Drake and Scull helps lift the emirate's bourse after the firm's joint venture won a new contract in Saudi Arabia valued at SAR2.7bn (US$719.96m).

Shares in DSI rise 1.6 percent. The contractor and engineering firm, along with Arabian Construction co will build the third phase of the Jabal Omar development in Makkah.

Other property-related stocks also gain. Emaar Properties and builder Arabtec climb 0.5 and 0.4 percent respectively.

Dubai's benchmark advances 0.5 percent to 1,595 points, down 1 percent so far in December.

"The focus is now back again to the downside and we are waiting for the downward break of 1,575 support level, which will complete a bearish trend reversal pattern to go short," MENA Corp says in a note. Only the upward break of 1,630 would cancel the bearish scenario."

The market however, has gained 17.5 percent year-to-date.

Abu Dhabi's bourse also rise, helped by a slight recovery in heavyweight Etisalat. Shares in the telecom operator gain 3 percent, halting two days of sharp declines, spurred after the government set new royalty rates or taxes for operators.

Dana Gas rises 4.3 percent, heading for its third gain since it reached an agreement with credit holders on restructured sukuk terms.

Abu Dhabi's benchmark edges up 0.3 percent to 2,613 points.

Elsewhere, Kuwait's index ticks up 0.1 percent to 5,938 points, while Oman's benchmark trades near-flat.

Related:

Market Performance

Drake and Scull International
1.01
0.075 8.02 (%)
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