MARKET TALK: Most Gulf Markets End Higher; Dubai Shares Shine

Tuesday, Jul 03, 2012

1028 GMT [Zawya Dow Jones]--Most Persian Gulf stocks end higher Tuesday, buoyed by equity strength in some major regional and international markets. "As the region's two big markets, Egypt and Saudi, advance, investors are also looking to increase their exposure to other regional blue chips, after recent losses," says a Dubai-based trader at EFG Hermes, noting that an uptick in global risk appetite is also supporting regional sentiment. Dubai's market ends +2.6% at 1502.21; heavyweight Emaar rallies 6.6% to AED3.08. "Emaar also benefiting from a rally in the shares of its Saudi subsidiary," the EFG trader adds. Emaar The Economic City shares up 3.1% at SAR10, after adding more than 7% Monday. The broader Saudi market trades +2.2% at 6888.69 as banks and property stocks rally after new Saudi mortgage guidelines were approved Monday. Abu Dhabi's market ends up 0.3% at 2466.13; Kuwait's benchmark index rises 0.3% to 5894.33 and Doha +0.7% at 8256.68. (nikhil.lohade@dowjones.com; Twitter: @ZDJnews)

(END) Dow Jones Newswires

03-07-12 1041GMT