Dubai ends above 4,000 for first time in 2 months

Dubai’s stock index closed above 4,000 points for the first time in almost two months as investors piled into Amlak Finance encouraged by a near five-fold increase in profit at rival Tamweel. The index rose 2.37% to 4,076.34 points, its second-biggest one-day gain in more than a month. Amlak, the worst performing stock in Dubai until Tuesday’s close, surged 14.8%. In Abu Dhabi, banking stocks, including Abu Dhabi Commercial (ADCB) and First Gulf (FBG), powered a 0.85% rise in the main stock index to 3,195.57 points.The index closed up for a sixth trading day in a row extending a month-long rally. “The economy is doing well. The banking sector is benefiting,” Mal’s Ibrahim said.Kuwait’s index closed up for the seventh time in nine trading days, extending a rally that began in February. The higher close contrasted with a plunge in shares of Commercial Bank of Kuwait (CBK) which denied a newspaper report that Qatari investors were looking to buy as much as 60% of the lender.The index rose 0.53% to 10,945.90 points.Oman’s main stock index closed up for the fifth time in seven trading days, paced by Oman Telecommunications Co (Omantel) and Bank Dhofar. The index climbed 0.62% to 5,850.15 points. Omantel rose 1.26% and Bank Dhofar surged 5.12%.Saudi Arabia’s main stock index ended the week closing up, paced by Saudi Basic Industries Corp (Sabic) and Saudi Telecom Co.The index was up 0.07% at 7,394.50 points. Sabic climbed 0.61% and Saudi Telecom 0.45%. Bahrain’s main stock index closed up 0.45% at 2,160.55 points. – Reuters