Mid-cap buying boosts Dubai, Gulf markets mixed

Heavy buying of mid-cap stocks pushes Dubai above 2,100 points to its highest close since November 2009, while other Gulf markets are mixed.

Dubai's index climbs 1.6 percent to 2,109 points, its sixth successive gain. The market has risen 8.2 percent in that time.

Mid-caps support gains, with Drake and Scull soaring 7.7 percent in its highest one-day jump in more than two years. Nearly 137.5 million of its shares change hands, also a one-day record for the last 24 months.

Dubai Islamic Bank (DIB) climbs 5.3 percent and Dubai Investment Co jumps 4.4 percent.

"Retail investors have been targeting the mid-caps recently like Drake and Scull, DIB and Air Arabia on the back of the general recovery in Dubai and on Q1 numbers," says Julian Bruce, director of institutional equity sales at EFG Hermes.

In Abu Dhabi, the measure dips 0.3 percent to 3,278 points, snapping a five-session winning streak as investors take profits on bank stocks.

Abu Dhabi Islamic Bank slides 1.5 percent and Abu Dhabi Commercial Bank drops 1.1 percent.

Qatar's benchmark ends 0.5 percent higher at 8,637 points and Kuwait's index closes up 1 percent at 7,363 points.

Egypt's measure climbs 0.3 percent 5,237 points, while Saudi Arabia slips 0.4 percent to 7,121 points.


Market Performance

Drake and Scull International
0.014 2.79 (%)
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