Arabtec, Emaar lift Dubai; trading muted

Dubai builder Arabtec hits a one-week high as bluechip stocks lift the emirate's index
Arabtec, Emaar lift Dubai; trading muted
Dubai builder Arabtec hits a one-week high as bluechip stocks lift the emirates index.
By Reuters
Thu 11 Oct 2012 12:13 PM

Dubai builder Arabtec hits a one-week high as bluechip stocks lift the emirate's index.

Arabtec climbs 1.6 percent, reaching its highest intraday level since October 4.

The index rises 0.7 percent to 1,637 points. It fell in two of the previous three sessions, lacking sufficient buying momentum to break above technical resistance around 1,650 points. Trading is muted as investors wait for the market heavyweights to report third-quarter earnings.

Heavyweight Emaar Properties and district cooling firm Tabreed each add 0.8 percent.

"The turnover is still low in Dubai. A slight pick up is due to the bullish sentiment we have seen over the last two months heading into the third quarter earnings," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.

Abu Dhabi's index is near-flat, up 0.02 percent to 2,653 points.

Qatar's benchmark drops 0.08 percent to 8,484 points.

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