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Tue 27 Nov 2012 12:11 PM

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Property stocks lift Dubai; Kuwait up again

Emaar Properties added 0.5 percent, while builder Arabtec and Tamweel each climbed 0.9 percent

Property stocks lift Dubai; Kuwait up again
Kuwaits Global Investment House will ask shareholders to approve delisting its shares from the bourse.

Property-related stocks helped lift Dubai's measure from Monday's one-week low, while Kuwait's market extended gains ahead of Saturday's elections.

Emaar Properties added 0.5 percent, while builder Arabtec and mortgage lender Tamweel each climbed 0.9 percent.

The emirate's index was up 0.4 percent to 1,595 points, an increase of 17.9 percent year-to-date.

Dubai's ruler announced plans for a huge retail and tourism development project earlier this week, boosting local investor sentiment. These plans include a 10 billion dirham ($2.7 billion) complex of five theme parks, the ruler's office said on Monday.

In Kuwait, the benchmark rose 0.5 percent to 5,933 points, up for a sixth session in the last seven to reach its highest level since Oct. 18.

Kuwait Finance House climbed 1.2 percent in strong trade. The Islamic lender said it will recommend a 20 percent capital hike to shareholders.

Kuwait's market has stabilised in recent sessions on what analysts say is partly due to state-linked funds buying bluechips.

Emir Sheikh Sabah al-Ahmad al-Sabah made comments earlier this month which included a promise to improve the economy and financial markets. This came following protests against a decree reducing the number of votes allowed per citizen to one from four.

"We are approaching the elections and the market is one of the most indicative economic sectors of how the government is performing," said Fouad Dajani, vice president at Credit Suisse Saudi Arabia.

Authorities will allow a protest march to go ahead the day before the Dec. 1 parliamentary election in Kuwait, the Gulf Arab state's prime minister said in a move designed to ease tensions ahead of the poll.

Elsewhere, Abu Dhabi and Qatar's bourses trade near-flat.

Oman's index slips 0.3 percent to 5,530 points, in its last trading session of the month. The market will be closed on Nov. 28 and 29 for a national day holiday, the exchange said in a statement.

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