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Thu 4 Apr 2013 12:29 PM

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Mid-caps lift Dubai to one-week high

Mid-caps stocks lift Dubai's measure to a one-week high as buyers return following a sustained sell-off last month

Mid-caps lift Dubai to one-week high

Mid-caps stocks lift Dubai's measure to a one-week high as buyers return following a sustained sell-off last month, while other Gulf markets are mixed.

Dubai Islamic Bank and budget carrier Air Arabia are Dubai's main supports, rising 4.3 and 3.4 percent respectively.

Dubai's measure fell 6.2 percent from February 24's 39-month peak to reach a two-month low on Monday, but bargain hunters have since helped the market rebound.

The index rises 1.2 percent to 1,877 points, its highest since March 26.

"The drop in prices created an opportunity that encouraged the market bulls, especially foreign investors," says Firass Yaish, business development manager at One Financial Markets.

"The bulk of their liquidity is extremely selective towards heavyweight stocks, particularly Emaar. Looks like Emaar is the wining horse of 2013."

Emaar Properties climbs 0.6 percent to be up 43 percent in 2013. The stock is a favoured pick among investors as Dubai's real troubled estate sector shows signs of a tentative recovery.

Abu Dhabi's measure rises 0.4 percent to 3,033 points and Oman's bourse advances 0.6 percent to 6,092 points.

Elsewhere, Qatar's benchmark eases 0.2 percent to 8,555 points and Kuwait's index declines 0.1 percent to 6,805 points.

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