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