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Thu 3 Sep 2009 10:04 AM

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Property, banks help lift Dubai, Abu Dhabi

UPDATE 8: Omantel and banks help Muscat's index MSI close 0.7 percent higher at 6,416 points.


Emaar Properties

and
Shuaa Capital

helped push Dubai's index DFM to close 2.2 percent higher at 1,920 points.

"People are gaining more confidence - at least for the short term," said Chamel Sahmy, regional senior sales trader at Beltone Financial.

Shuaa Capital

still gaining, closing four percent higher, after resolving its bond dispute with Dubai Banking Group, Sahmy said.

Going forward, trading will remain volatile and in narrow range.

"We will be 100 percent relying on the performance of global markets at least until we reach Q3," Sahmy said.

Abu Dhabi's benchmark ADI gained one percent to 2,888 points, also led by real estate stocks and banks.

Kuwait's benchmark KWSE ended 0.4 percent lower at 7788 points.

The biggest decliner was
National Investments Co

which dropped 7.8 percent.

Qatar's main index QSI closed 0.1 percent lower to 7,046 points, dragged down by
Qatar National Bank

, which ended one percent lower.

Bahrain's benchmark BAX closed 0.1 percent higher to 1,515 points, lifted by
Ahli United Bank

, which gained 0.9 percent.

Oman Telecommunications (Omantel)

and banks helped Muscat's index MSI close 0.7 percent higher at 6,416 points.

"Banks in the region have already taken full provisions so we don't see any problems on that end," said Sayed Quadry, vice president of business development at
Amwal Investment

.

"People are seeing value and currently buying stocks, sentiment is pretty positive," he added.

Omantel gained 3.1 percent and
Bank Muscat

one percent. (Reuters)

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