Emaar Propels Dubai Stocks To The Biggest Gain In 2 Weeks

Foreign buying in Dubai’s bellwether Emaar Properties yesterday helped the emirate’s bourse make its largest one-day gain in two weeks.

Shares in Emaar rose 1.6%, extending year-to-date gains to 44.4%. The emirate’s index advanced 1%, its biggest one-day gain since November 29.

Abu Dhabi’s index slipped 0.1% to 2,611 points.

The Qatar Exchange’s benchmark index gained 0.2% to 8,351 points.

In Saudi Arabia, the index gained 0.3%, a fresh five-week high as investors took positions ahead of the year-end on expectations of a strong start to 2013.

Large-caps supported, with the heavyweight petrochemical and banking sectors up 0.8 and 0.4% respectively.

Saudi Kayan Petrochemical jumped 4.5% in heavy trade. Saudi Basic Industries Corp gained 0.3%.

“People are positioning for two things, the Saudi budget and 2013, ” said Alhassan Goussous, chief executive officer at Bakheet Investment Group.

In Egypt, the benchmark slipped 0.3%, easing away from Sunday’s three-week high.

Elsewhere, Kuwait’s index climbed 0.3% to 5,956 points; Oman’s index advanced 0.2% to 5,645 points, while Bahrain’s measure eased 0.03% to 1,046.

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