MIDEAST STOCKS-Bluechips lift Dubai; most Gulf mkts rise

By Nadia Saleem

DUBAI, March 3 (Reuters) - Dubai bluechips rose on Sunday, although the wider index remains range-bound below a key psychological level, while most other Gulf Arab markets also advanced.

Dubai's Emaar Properties EMAR.DU climbed 3.4 percent to a 52-month high. Investor confidence remains upbeat in Emaar, despite fourth-quarter earnings missing estimates, as property prices in the emirate slowly recover. ID:nL5N0B06YV

Telecom operator du DU.DU rose 4.7 percent to 4.69 dirhams, its highest close since October 2008.

"I think it's trading at a premium to fair value which is justified considering the circa 10 percent growth in net revenues estimated for 2013," said a Dubai-based trader who asked not to be identified. "I will not be surprised if it moves a little higher before falling back to 4.20 - 4.30 levels."

Du's fourth-quarter profit more than doubled as it wrote back tax provisions and its subscriber base rose.

Arabtec ARTC.DU tumbled 9.7 percent, its lowest price since Jan. 3, as investors continue to react negatively to the shake-up announced by the developer last week. ID:nL6N0BR6QK

Dubai's measure .DFMGI advanced 0.4 percent to 1,936 points. It has been trading in a tight range just below 2,000 points since hitting a 39-month high on Feb. 24.

In the UAE capital, the Abu Dhabi index .ADI declined for a second session, with traders targeting small-cap stocks - a pattern usually seen in a market lacking catalysts.

Eshraq Properties ESHR.AD , which rose 1.6 percent, accounted for more than 40 percent of shares traded.

Saudi Arabia's index .TASI gave back gains from the previous two sessions as bluechips weighed.

Banks were the main drag. SABB 1060.SE slipped 1.8 percent, while Banque Saudi Fransi 1050.SE and Samba Financial Group 1090.SE both fell 0.7 percent.

Of the 13 largest stocks on the bourse, ten ended the session lower and the other three were flat.

Meanwhile, Egypt's benchmark .EGX30 closed 0.2 percent higher, snapping a five-session losing streak.

Orascom Telecom ORTE.CA was the main support, climbing 4.3 percent in its largest gain since Jan. 2.

In Kuwait, the index .KWSE extended recent gains, climbing 0.2 percent to its highest close since May 2012.

Shares have rallied after Kuwait indicated it would restart long-delayed infrastructure projects.

A government official said on Thursday it plans to choose a winning bid in the first quarter of this year for a 900 million dinars ($3.2 billion) new airport, which is key to the country's economic development plan. ID:nL6N0BR7OJ

Qatar's index .QSI rose 0.4 percent, supported by Industries Qatar IQCD.QA and Doha Bank DOBK.QA , which advanced 1.3 and 1.8 percent respectively.

In Oman, the benchmark .MSI climbed 0.2 percent, taking its year-to-date gains to 3.5 percent. Bank Sohar BKSB.OM and Oman Investment and Finance OIFL.OM added 0.5 and 2.3 percent respectively.

Bahrain's index .BAX reversed the previous session's loss, gaining 0.7 percent, although the number of shares changing hands was at its lowest level in 2013.

Ithmaar Bank ITHMR.BH jumped 9.1 percent.

SUNDAY'S HIGHLIGHTS

DUBAI

* The index .DFMGI gained 0.4 percent to 1,936 points.

ABU DHABI

* The index .ADI declined 0.3 percent to 3,037 points.

SAUDI ARABIA

* The index .TASI fell 0.4 percent to 6,988 points.

EGYPT

* The index .EGX30 rose 0.2 percent to 5,501 points.

KUWAIT

* The index .KWSE climbed 0.2 percent to 6,474 points.