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Thu 10 Sep 2009 10:44 AM

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Dubai, Abu Dhabi close higher

UPDATE 3: In Abu Dhabi, Etisalat continues to advance boosting benchmark; Emaar up in Dubai.


Emaar Properties

helped Dubai's index DFM end 1.5 percent higher to 2,040 points, its highest close since June 17.

"The diversification (of buying) shows that people are looking for exposure to the index as a whole because it is so underpriced," said Saad Al Chalabi, a technical analyst for institutional equities at Al Ramz Securities in Abu Dhabi.

Emaar

's gains extend a rally that began on Sept 3.

Abu Dhabi's benchmark ADI hit a fresh 10-month high, buoyed by
Etisalat

, which climbed 3.4 percent.

The Abu Dhabi bourse gained 1.4 percent to 3,059 points.

"Institutions are aggressively buying across the board, with Abu Dhabi starting first and Dubai following," said Al Chalabi.

Banks led Qatar's index QSI 0.5 percent higher to 7,099 points.

Index heavyweight
Qatar National Bank

closed up 0.5 percent

Bahrain's index BAX edged 0.2 percent lower, led by
United Gulf Bank

which lost 2.2 percent.

Oman's index MSI gave up some of its early gains, closing 0.1 percent lower at 6,546 points.

Bank Muscat

, the second-largest company on the index, fell 1.1 percent after a two-day rally following a positive analyst report.

Omantel

closed 0.3 percent lower.

Zain

opened 2.9 percent lower in Kuwait, dragging down the Kuwaiti bourse KWSE.

Zain

closed unchanged the previous day after a volatile trading session.

Zain

's shareholders on Tuesday agreed to sell a 46 percent stake, but questions about the buyers and their financing continue to linger.

Kuwait's index fell 0.4 percent to 7,754 points.

Bahrain's benchmark BAX was flat with only five stocks exchanging hands. (Reuters)

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