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Wed 11 Nov 2009 10:24 AM

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Late surge helps Dubai breach 2,200 level

UPDATE 6: Heavyweights Emaar & Du provide key supports; Abu Dhabi's ADI edges lower.

A late surge helped Dubai's main index DFM end above the psychologically important 2,200-level, reaching a two-week high.

Heavyweights Emaar Properties and Du were the key supports, each gaining around 3 percent as the index rose 1.7 percent to 2,205 points, its highest close since Oct 28.

"The backdrop of the international markets is fairly decent," said Ali Khan, managing director and head of brokerage at Arqaam Capital.

Abu Dhabi's benchmark ADI edged 0.1 percent lower to 2,967 points.

Kuwait's bourse KWSE posted the strongest decline of all Gulf markets, down two percent to 7,109 points, as third-quarter earnings weighed on sentiment.

Agility, the biggest logistics firm in the Gulf, lost 3.3 percent, after posting a 15-percent rise in third-quarter net profit.

"The results are neutral at best, they will need a strong fourth quarter to match consensus for the whole year," said Ali Khan, managing director and head of brokerage at Arqaam Capital.

The Kuwaiti listing of Gulf Finance House fells 6.8 percent. It posted a fourth consecutive quarterly loss. Its Bahrain-listed shares fell 9.1 percent.

Bahrain's bourse BAX edged 0.2 percent lower to 1,485 points.

Qatar's index QSI fell nearly 1 percent to 6,987 points.

Oman's index MSI ended 0.4 percent higher to 6,313 points, amid below-average volumes.

Omantel was in the spotlight after reporting a small rise in third-quarter net profit, edging 0.1 percent higher.

Banks were mixed as Bank Muscat rose 0.3 percent, while Bank Dhofar fell 2.2 percent.

Saudi stocks edged 0.2 percent lower to 6,227 points, as the market continued mostly sideways in the absence of any major catalysts.

"The testing of the support near 6200 continues ... and the probability of a downside break remains high," according to a Shuaa Capital note.

Alinma, the most active stock, fell 0.4 percent. (Reuters)

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