Dubai up in thin trade; Kuwait extends gains

Most Gulf markets edge higher in early trade, but volumes are muted on Dubai's bourse
Most Gulf markets edge higher in early trade, but volumes are muted on Dubais bourse.
By Reuters
Sun 09 Dec 2012 11:28 AM

Most Gulf markets edge higher in early trade, but volumes are muted on Dubai's bourse.

Dubai's index ticks up 0.09 percent to 1,611 points, extending year-to-date gains to 19 percent.

Budget carrier Air Arabia adds 1.1 percent, Dubai Investment climbs 0.6 percent and Dubai Financial Market rises 0.7 percent.

Only 9m shares exchange hands in the first hour of trading.

"UAE markets have been one of the best performing in the region - investors are waiting on the sidelines and looking more towards 2013 as they wait for Q4 numbers," says Ali Adou, portfolio manager at The National Investor.

Abu Dhabi National Energy Co (TAQA) jumps 3.1 percent. The state-owned firm buying some of BP's North Sea assets, raised $2 billion from its two-part bond, amid strong demand for the deal..

Real estate stocks gains. Aldar Properties and Sorouh Real Estate climb 1.6 and 2.4 percent respectively.

Abu Dhabi's index climbs 0.4 percent to 2,684 points, up 11.7 percent year-to-date.

In Kuwait, the measure extends gains, rising 0.5 percent to 5,910 points, up for a second session since Wednesday's two-week low.

Tens of thousands of Kuwaitis marched in the capital on Saturday in a peaceful protest against a parliament elected last week in the Gulf Arab state under voting rules deemed unfair by the opposition.

Analysts believe the new parliament, made up of pro-government candidates as the opposition boycott the elections, will be conducive to economic development projects moving ahead.

Trading volumes are focused in financial stocks. International Finance gains 4.1 percent, International Financial Advisors climbs 5 percent and Ithmaar Bank gains 2.3 percent.

Elsewhere, Oman's measure gains 0.3 percent to 5,639 points and Doha's index advances 0.2 percent to 8,375 points

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