United Arab Emirates bourses rose on Thursday with blue chip Dana Gas pushing up Abu Dhabi's index after the company said it plans a second listing in London. Dana Gas rose 2.9 percent with investors upbeat on possible increase of liquidity for the company. It said the listing would provide a wider investor base and boost share value. Abu Dhabi Commercial Bank gained 2.3 percent amid high volumes, nudging Abu Dhabi's index up 0.09 percent to its highest close since February 15.
In Dubai, Heavyweight Emaar Properties gained 0.9 percent and closed at a 14-week peak, pulling up emirate's index to a year high. Lender Emirates NBD rose 2.7 percent. "Banks have started lending again, there are projects moving across and real investors are returning," said Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker, adding that Emaar could climb another 15 percent. Dubai's benchmark is up 0.06 percent to 1,682 points, its highest close since December 9.
Qatar's index halted a five-session decline as blue chips lifted the benchmark on a positive growth outlook for the country. "Qatar is the second most positive market in the region on back of construction projects because they are in shortage of everything," said Jayabhanu. "You are seeing a real growth base." Qatar National Bank and Qatar Telecom supported the index with a 2.8 and 0.9 percent respective gain.
The benchmark ended 0.2 percent higher. It is up 24.8 percent in 2011, outweighing other regional bourses. Egypt's main index closed little changed as investors cleared positions ahead of an upcoming four-day break on lingering fears of political instability, traders said.
Egypt's bourse will be closed for four days for a weekend and holiday and will resume trade on Tuesday. The index closes up 0.2 percent, with nearly two stocks gaining for each that fell. Dairy maker Juhayna rose 5 percent while oil services firm Maridive closes up 1.2 percent.
Bucking the trend, Oman's index fell to a 10-day low with Nawras weighing after the telecom operator's first-quarter profit fell 13.6 percent. Nawras dropped 2.2 percent. "Most of the funds will not let Nawras move lower," said Osama Ibrahim Al Qinna, head of brokerage at Oman Arab Bank. The stock was up 3.6 percent in March. The benchmark ended 0.2 percent down, its fourth straight decline and lowest close since April 11.
"In anticipation for more Q1 results, investors remain in favour of a wait and see strategy, which is reflected in the low volumes," said Al Qinna. Renaissance Services slipped 1.5 percent. On Tuesday, the firm said it had lost a court case related to marine unit Topaz.
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