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Bluechips lift Dubai to 2-wk high; Kuwait slips

Published: Updated:

Dubai’s bluechips help lift the measure to a two-week high as investors buy ahead of first-quarter earnings, while Kuwait’s bourse slips from a 26-month high.

Dubai Islamic Bank rises 3.1 percent after the lender and Abu Dhabi Islamic Bank repaid a combined 6 billion dirhams ($1.6 billion) in financial support they received from the UAE government during the global crisis of 2008-2009.

Emaar Properties advances 1.3 percent to 5.3 dirhams, extending 2013 gains to 41.3 percent.

Analysts expect Emaar’s shares to continue its rally, backed by an improving real estate market.

“A high probability, entry signal to go long was given at 5.25- Only the downward break of 5.07 would cancel the bullish scenario,” MENA Corp says in a note.

Companies are expected to post earnings in coming weeks.

The emirate’s index climbs 1.3 percent to 1,899 points, its highest since March 25.

Abu Dhabi’s measure advances 0.5 percent to 3,072 points, a fresh 41-month high.

In Kuwait, the benchmark declines 0.2 percent to 6,840 points, easing away from Sunday’s 26-month closing high.

Half of the trading volumes are focused in five small-cap stocks. Ithmaar Bank sheds 1.5 percent.

In Qatar, the measure trades flat at 8,538 points.

Shares in Ezdan Holding Group drop 5.1 percent in post-dividend trade.