* Rollover was expected but is positive signal on UAE policy
* Dubai's Emaar retests chart resistance
* Qatar boosted by Gulf International Services
* Mesaieed Petrochemical falls after publishing first
* Kuwait's Noor Financial drops as Pakistan deal blocked
By Olzhas Auyezov
DUBAI, March 17 Property and banking shares
lifted stock markets in the United Arab Emirates on Monday after
Dubai obtained a roll-over of $20 billion of debt. Other markets
in the region were mixed as uncertainty over the Ukraine crisis
continued to prompt profit-taking by some retail investors.
Abu Dhabi and the central bank of the United Arab Emirates
said on Sunday that they had agreed to extend for five years $20
billion of loans which were provided to the Dubai government as
emergency aid during its financial crisis, and were due to
mature this year in two tranches.
The roll-over had been widely expected, but it was still
good news for Dubai, and Abu Dhabi's decision to deal with both
tranches at once - rather than waiting until each one matured -
appeared to suggest a determination to clear obstacles to growth
in the UAE.
Meanwhile, shares in Dubai's Emaar Properties
added 1.7 percent to 9.25 dirhams, testing chart resistance at
9.16-9.20 dirhams - the February and March highs - for a second
day after the company announced a higher 2013 dividend and a
plan to list its shopping mall unit.
Many analysts have higher fair-value estimates for Emaar -
EFG-Hermes estimates 10.10 dirhams while Arqaam Capital
calculates 12.00 dirhams - and any clean break of the chart
barrier, in the form of a second straight daily close above it,
could signal a fresh leg up for the stock.
"On the monthly chart the stock is now seen heading higher
to 12 dirhams and 15 dirhams in the coming months," said Shiv
Prakash, senior technical analyst at NBAD Securities.
Other property-related names in Dubai posted even stronger
gains. Builder Arabtec Holding jumped 6.4 percent and
contractor Drake & Scull added 3.9 percent.
Marwan Shurrab, fund manager and head of trading at Vision
Investments, said Arabtec was subject to "positive speculation"
ahead of a board meeting on Tuesday which will review its annual
financial results. Traders said there was speculation about
possible profit distribution.
Developer Deyaar gained 2.5 percent after saying
it had sold out the residential units at a new mixed-use
project, registering 500 million dirhams ($136 million) in sales
within hours of opening.
Deyaar's big shareholder, Dubai Islamic Bank,
added 1.1 percent while another local lender, Commercial Bank of
Dubai, jumped 6.2 percent.
Dubai's main stock index climbed 1.6 percent but
total trading turnover was only slightly higher than Sunday's
Banks also lifted the bourse in Abu Dhabi, which
jumped 1.9 percent. First Gulf Bank added 4.4 percent,
Abu Dhabi Commercial Bank rose 3.1 percent and Union
National Bank gained 4.9 percent.
Qatar's index, on the other hand, added 0.6 percent
largely on the back of a single stock, industrial services
provider Gulf International Services, which jumped 9.9
percent on average trading volume.
The firm made no announcements this week. Last week, its
annual meeting approved a 20 percent cash dividend and a 25
percent bonus share issue.
Qatar's Mesaieed Petrochemical resumed sliding
after it published its income statement for September-December
2013 and proposed a 3.5 percent cash dividend. The stock dropped
4.0 percent; last month it listed at levels which analysts
believe was far above fair value.
In Kuwait, Noor Financial Investment Co dropped
4.8 percent after saying the proposed sale of its stake in
Karachi-based Meezan Bank had been blocked by
Pakistan's central bank.
Egypt's bourse added 0.4 percent to 8,161 points,
rebounding from Sunday's dip, but remained range-bound between
the 8,100- and 8,250-point levels.
"Egypt is waiting for the official, formal and final
position of Field Marshal Sisi on the presidency," said Islam
Batrawy, Cairo-based head of regional equity sales at NBK
Capital. Investors hope and expect Sisi will soon announce his
intention to run for president.
* The index gained 1.6 percent to 4,125 points.
* The index climbed 1.9 percent to 4,823 points.
* The index added 0.6 percent to 11,402 points.
* The index slipped 0.1 percent to 9,368 points.
* The index declined 0.3 percent to 7,409 points.
* The index rose 0.4 percent to 8,161 points.
* The index fell 0.4 percent to 6,995 points.
* The index slid 0.3 percent to 1,371 points.
($1 = 3.6730 UAE Dirhams)
(Editing by Andrew Torchia)