0620 GMT - Dubai's small-caps extend gains after the
emirate's index broke above a key psychological level.
National Central Cooling (Tabreed) jumps 8.7
percent, Deyaar Development surges 7.1 percent and
Gulf Navigation rises 6.5 percent.
The benchmark is up 0.6 percent to 1,619 points, a fresh
eight-month high. It broke above 1,600 on Wednesday, signalling
a bullish trend.
"DFM has been driven by names with weak fundamentals and we
would expect bluechips to catch up and speculative names to see
a pull back," says Amer Khan, fund manager, Shuaa Asset
Management.
Abu Dhabi's index ticks up 0.1 percent to 2,537
points.
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0558 GMT - Data showing the euro zone could slip into
recession may dampen sentiment on Gulf Arab markets on Thursday
and prompt some investors to book profits ahead of the weekend.
Asian shares are down in early trade as concerns also
resurfaced about Greece's debt restructuring challenges, but
Brent crude is steady, near a nine-month high of about $123.
"The global markets have been running up and a pull-back was
expected and we might see profit booking in our markets as well
ahead of the weekend," says Amer Khan, fund manager, Shuaa Asset
Management. "However Dubai and Saudi Arabia broke above key
psychological barriers and some people will be focused on the
break and will try to push ahead next week."
Dubai's benchmark crossed a 1,600 key resistance
level and Saudi Arabia's index broke above 7,000 points
on Wednesday, both signalling a bullish trend.
Abu Dhabi-listed telecoms operator Etisalat may
see selling pressure after saying it would shut down the
operations of its Indian joint venture, three weeks after an
Indian court cancelled the affiliate's licence amid a corruption
probe.
In Kuwait, Burgan Bank has reached a deal to buy a
70 percent stake in Turkey's Eurobank Tekfen, a partnership of
Greece's EFG Eurobank and Turkey's Tekfen Holding
, sources with knowledge of the deal said.
Elsewhere, Qatar's Al Khaliji Commercial Bank (Al
Khaliji) said it will seek approval for the issuance of non
convertible bonds up to a value of $750 million at an upcoming
annual general assembly meeting.
(Reporting by Nadia Saleem; Editing by Matt Smith)
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