JEDDAH – Gulf markets, except Dubai, advanced Tuesday, as positive earnings helped lift investor sentiment. Saudi stock benchmark Tadawul All Share Index inched up 0.04 percent to close at 6,968.31 points as investors gear up for the long Eid holiday. Session volumes are their second-lowest of 2012, with only Feb. 4 seeing fewer shares changing hands on the exchange. Qatar's index edged up 0.07 percent to 8,418 points, its highest close since May 31. The bourse has gained in 10 of the last 11 sessions. Abu Dhabi's index closed at an 18-week high, buoyed by Dana Gas which posted a sharp jump in quarterly profits. Dana shares ended 2.6 percent higher, accounting for more than a third of the shares traded on the index. Investors disregarded the lack of clarity on how the firm will repay a $1 billion Islamic bond maturing in October. "The most important thing is to resolve the sukuk issue - they're saying that they want to resolve it, but I can't see how they'll do it," says a Dubai-based fund manager. "They need to either renegotiate the maturity or get a cash injection." Abu Dhabi's index ended 0.3 percent higher to 2,554 points, its highest close since April 9, while Dubai's benchmark shed 0.2 percent to 1,578 points. UAE markets have rallied in recent sessions, as strong quarterly earnings from real estate firms spurred optimism the sector is on a recovery path. Meanwhile, Kuwait's index advanced 0.2 percent to 5,701 points. Oman index edged up 0.05 percent to 5,499 points. Bahrain measure gained 0.03 percent to 1,076 points. Separately, Egypt index jumped 1.3 percent to 5,111 points. – SG/Reuters
