Emaar Malls’ earnings life Dubai index

Strong earnings by Emaar Malls lifted Dubai shares, as most Arabian Gulf markets ended in positive territory.

The region’s biggest stock market, Saudi Arabia, ended flat as investors tried to digest quarterly earnings and were cautious about valuations for top companies after the index’s nearly 15 per cent rise so far this year.

The Dubai index ended 0.8 per cent higher to 2,966 points, supported by property stocks after Emaar Malls reported a 15 per cent rise in second-quarter net profit, broadly in line with market forecasts..

Emaar Properties ended 1.3 per cent higher and Emaar Malls gained 0.8 per cent, although it gave up some early gains when it had jumped by over 2 per cent.

Rival Damac Properties also gained 1.8 per cent .

Weakness in banking stocks weighed on the Kuwaiti index , pushing it down by 0.5 per cent to 5,364 points. Kuwait Finance House fell 1.7 per cent. The stock is still up 14 per cent so far this year, but has given up some gains in recent days as its merger talks with a rival Bahraini lender picks up pace.

Last week, advisers were named to assist Kuwait Finance House and Ahli United Bank, Bahrain’s largest lender during their merger talks, the first cross-border tie-up between Gulf banks in recent years at a time when several other banks are consolidating.

In Saudi Arabia, the index was flat at 8,309 points. Al Abdullatif Industrial Investment was among winners, gaining 1.9 per cent while Al Andalus closed down 0.3 per cent.

In Abu Dhabi, the ADX rose 0.3 per cent to close at 4,846 points, with RAKBank up 4.5 per cent and RAK Cement up 3.9 per cent. Invest Bank shed 9 per cent and Abu Dhabi Ship Building closed down 7.4 per cent.

The Bahrain index was flat at 1,370 points, Oman’s ended 0.4 per cent lower at 4,320 points and in Egypt the index index fell 0.5 per cent to 15,297 points.

Oil rose yesterday as investors remained cautious over the supply outlook, having gained nearly 5 per cent in pricesince the middle of July. October Brent crude futures were up 65 cents at $75.12 a barrel by 11.30am GMT. The September contract expires on Tuesday. US crude futures were up $1.39 at $70.08 a barrel.