Real estate stocks give Dubai a lift; Abu Dhabi up

Dubai's index edges higher after two sessions of declines, supported by property and construction stocks
A woman and child stand opposite Dubais recently constructed Princess Tower (C) which has set a new record in the Guinness World Records as the worlds tallest residential building on May 21, 2012. The tower which is located in Dubai Marina is 413.4 (1,356 feet) high and has 101 storeys above ground. (AFP/Getty Images)
By Reuters
Wed 13 Feb 2013 03:27 PM

Dubai's index edges higher after two sessions of declines, supported by property and construction stocks.

Heavyweight Emaar Properties and builder Arabtec each rise 1 percent.

Dubai's index advances 0.5 percent to 1,897 points. The market hit an intraday high of 1,917 points on Monday, just shy of the psychologically key 2,000-point level.

The market, supported by strong fundamentals, is benefiting from bullish technical indicators. Analysts say that after breaking recent resistance levels, the index can target 2,200 points in the short to medium term.

Abu Dhabi's measure gains 0.5 percent to 2,938 points, a fresh 35-month high.

In Oman, shares in Oman Telecommunications recover from an early-session dip and gains 0.8 percent. The telecom operator reported a 10-percent fall in fourth-quarter profit on Tuesday, missing analysts' estimates.

Bank Muscat shares rise 1.29 percent. The lender said on Wednesday it expected to complete a capital increase, through a private placement with an international institution, by the end of the month.

Muscat's benchmark climbs 0.3 percent to 5,887 points, its highest since April 2012.

Elsewhere, Qatar's index climbs 0.4 percent to 8,814 points and Kuwait rises 0.4 percent to 6,381 points.

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