Stocks: Dubai at new 56-mth high, breaks above 2,500 pts

Dubai's measure hits a new 56-month intraday high as UAE markets edge higher in early trade. (File photo: Reuters)

Dubai's measure hits a new 56-month intraday high as UAE markets edge higher in early trade.

Dubai's index climbs 0.4 percent to 2,505 points, edging above 2,501, which is the previous peak of June 3. Three consecutive gains above this level will confirm a breakout, according to technical analysis.

Stocks that are favorites for retail investors dominate trade. Dubai Investments rises 1.7 percent and Union Properties adds 1.1 percent.

Abu Dhabi's index advances 0.4 percent to 3,817points, hitting a fresh 57-month high. Volumes are muted because many traders are less active during Ramadan, the Muslim month of fasting.

In Muscat, National Bank of Oman rises 1 percent after posting estimate-beating second-quarter earnings.

Oman's index climbs 0.3 percent to 6,602 points, while Qatar's measure slips 0.1 percent to 9,462 points, easing from Wednesday's five-week high.

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0545 GMT - Gulf markets are likely to track gains on global shares due to thin local news flow on Thursday, while Egyptians worried over further protests over the weekend may feel compelled to book recent gains.

Federal Reserve Chairman Ben Bernanke said the timeline for the U.S. central bank to end its stimulus program was not set in stone. World stocks rose on Bernanke's comments but Asian shares fall on Thursday as concerns over financing available to property developers weighed on Chinese markets.

Brent futures slipped on Thursday on the back of a stronger dollar, but held above $108 a barrel.

In Muscat, shares in National Bank of Oman may gain after the lender posted a near-flat second quarter net profit, Reuters calculated, but beat analyst estimates.

In Egypt, supporters of ousted Islamist President Mohammed Mursi attempted to block main roads in Cairo earlier this week. Seven were killed and 250 wounded late Tuesday when pro-Mursi supporters clashed with his opponents and security forces.

More protests are planned for Friday following an interim cabinet, made up mainly of liberals and technocrats, taking office on Wednesday, traders say.

Cairo's benchmark slipped 0.3 percent the previous day to ease from Tuesday's six-week high.

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Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41
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