UAE markets hit new multi-year peaks, Kuwait extends gains

Dubai's index advances 1.4 percent to 1,986 points, highest level since December 2009
By Reuters
Mon 22 Apr 2013 04:30 PM

Exchanges in Dubai and Abu Dhabi climb to fresh multi-year highs, and Kuwait extends gains from the previous session's 29-month peak.

Dubai's index advances 1.4 percent to 1,986 points, its highest level since December 2009.

Dubai Islamic Bank is the biggest mover, jumping 5.9 percent. Emaar Properties rises 1.3 percent.

Meanwhile, in the UAE capital, Abu Dhabi's benchmark registers its biggest one-day gain in more than two years, climbing 1.8 percent to 3,153 points. The index is at its highest level since November 2009.

Banks help the advance, with First Gulf Bank breaking back above the 15 dirhams mark after a 3.8 percent gain on Monday. Abu Dhabi Commercial Bank rises 3.1 percent.

In Kuwait, the index recovers early-session losses to hit a new 29-month peak. It rises 0.3 percent to 7,141 points, with heavyweights Zain and Boubyan Bank reversing the previous session's falls with gains of 1.4 and 1.6 percent respectively.

Qatar's measure climbs 0.2 percent to 8,443 points, while Oman's benchmark dips 0.3 percent to 6,129 points as financial stocks weigh.

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