MARKET TALK: Most Gulf markets end up; Dubai stocks hit 41-month high

Tuesday, Apr 23, 2013

1042 GMT [Zawya Dow Jones]--Most Persian Gulf markets close higher on Tuesday, led by Dubai stocks. The benchmark DFM index soars 1.8% to 2021.15, closing above the 2000 mark for the first time since end November 2009--when Dubai shocked investors globally by announcing a standstill on its flagship conglomerate Dubai World's debt. The company's restructuring was approved in 2011, while Dubai's economy also continues to recover on the back of stronger trade and tourism. Dubai shares rose some 20% last year as concerns about the emirate's ability to service its debt obligations eased and it benefited from its safe-haven status amid unrest elsewhere in the region. The market is already up some 25% in 2013 so far. In other regional markets, Abu Dhabi rises 1.1% to 3188.21; Kuwait's benchmark index +0.5% at 7173.67 and Doha ends 1.1% higher at 8534.78. Saudi shares trade -0.1% at 7119.85. (nikhil.lohade@dowjones.com; Twitter: @ZDJnews)

Copyright (c) 2013 Dow Jones & Co.

(END) Dow Jones Newswires

23-04-13 1043GMT