DUBAI Jan 27 Dubai's heavyweight banking and
property stocks lifted the emirate's index to a fresh 33-month
high above a long-term resistance level on Sunday, while other
regional markets were mixed.
Dubai's index rose 1.5 percent to 1,819 points, its highest
finish since April 2010. Emaar Properties climbed 3.6
percent and top lender Emirates NBD rose 1.5 percent.
Dubai Financial Market, the Gulf's only listed
bourse, added 2.4 percent, accounting for nearly a quarter of
all shares traded on the index.
Hopes for strong fourth-quarter earnings, dividend payouts
and an improving outlook for equities in 2013 have buoyed
"UAE markets are making a real turnaround," said Musa
Haddad, head of investment advisory services at National Bank of
Abu Dhabi. "The economy is growing faster than others, new
projects are coming in and confidence is back in the debt
The Dubai index closed above major chart resistance
at 1,778 points - the 2012 high hit in March last year - and the
October 2010 peak of 1,793 points.
For a break-out, it would need to close above these levels
for at least two successive sessions, with a technical target
above 2,200 points looming in coming months.
"Volumes are picking up and any dip at this time is a good
buying opportunity," Haddad added. "We see more potential in
prices for 2013 - valuations are still low because we're coming
off a low base."
Abu Dhabi's benchmark gained 0.6 percent to its
highest level since February 2011.
National Bank of Abu Dhabi climbed 0.9 percent.
Analysts polled by Reuters on average expect the bank's
fourth-quarter net profit to rise 21.1 percent.
In Egypt, the bourse recovered from a three-week intraday
low to end near-flat as international investors absorbed selling
pressure from their local and regional counterparts after
violence in Port Said.
Egyptians rampaged in protest at the sentencing of 21 people
to death over a soccer stadium disaster last year, violence that
compounds a political crisis facing President Mohamed Mursi.
Non-Arab foreigners were net buyers against selling pressure
from Egyptians and other Arab investors, according to bourse
Cairo's index ended 0.02 percent lower, trimming
2013 gains to 4.1 percent.
Most stocks slipped, with 19 down and nine up.
Orascom Telecom rose 1.2 percent, while Talaat
Moustafa dropped 1.9 percent.
In Qatar, the measure slipped 0.6 percent, easing
from Thursday's two-week high.
Qatar National Bank shed 1.5 percent. Masraf Al
Rayan and Commercial Bank of Qatar each fell
Elsewhere, Saudi Arabia's measure ended little
changed, easing 0.02 percent.
* The index rose 1.5 percent to 1,819 points.
* The index climbed 0.6 percent to 2,800 points.
* The index eased 0.02 percent to 5,688 points.
* The index slipped 0.6 percent to 8,641 points.
* The index eased 0.02 percent to 7,024 points.
* The index ticked up 0.05 percent to 6,206 points.
The index ended flat at 5,820 points.
* The index gained 0.3 percent to 1,074 points.
(Editing by Amran Abocar)