Emaar Properties, Dubai’s largest company by market value, ended higher as investors turned to liquid stocks ahead of second-quarter results, lifting the broader index.
Emaar rose 3.2 percent, while the index advanced 1.2 percent to 1,500 points.
“There has been accumulation in certain names like Emaar and Arabtec <ARTC.AD> in Dubai and Aldar <ALDR.AD> in Abu Dhabi, but isn’t because they’re related to the real estate sector, more that they’re the most liquid stocks on the market,” says Hesham Bakry, Prime Emirates senior relationship manager.
Abu Dhabi’s index ADI gained 0.2 percent.
Abu Dhabi Commercial Bank added 3.1 percent.
Kuwait’s index KWSE ended lower as investors booked profits from Tuesday’s rise, its largest for two months, but more upbeat global sentiment lifted other Middle East markets.
Kuwait’s benchmark finished 0.3 percent lower at 6,431 points.
Burgan Bank and Gulf Bank fell 1.2 and 1.5 percent respectively.
Bellwether Zain rose 1.8 percent.
Global Investment House, which has a buy rating on the stock, expects Zain’s revenue to grow by 3.6 percent and net profit by 10 percent in the next three years.
Banks in Qatar and Oman led the indices higher.
Qatar National Bank, which on Tuesday reported a 35.4 percent jump in second-quarter net profit, said it does not plan a bond sale as its balance sheet remains “extremely liquid.”
QNB rose 0.4 percent. Doha’s benchmark QSI climbed 0.4 percent to 6,910 points, its fourth straight gain.
Bank Muscat rose 1 percent, leading the Oman index MSI to gain 0.2 percent to 6,231 points. (Reuters)