Most Gulf bourses, with the exception of Kuwait, ended higher on Thursday. Dubai's bourse managed to end the week on a high note on Thursday, after five consecutive sessions of decline, boosted by selective buying from investors picking up bargains. Dubai index advanced 1.4 percent to 1,759 points, while in Abu Dhabi, the benchmark climbed 0.2 percent to 2,699 points. Muscat's benchmark rose 0.4 percent to 6,167 points, while Qatar's measure advanced 0.2 percent to 7,046 points. The benchmark in Kuwait slipped 0.4 percent to 7,056 points, while in Bahrain the index climbed 0.3 percent to 1,449 points. Emaar Properties rose 2.2 percent. Dubai Financial Market climbed 2.2 percent and logistics services provider Aramex advanced 2.3 percent. “There may be some bargain hunting by local investors as it is now possible to pick up names at half the (cost) of companies in (emerging) markets,” said Daniel Broby, chief investment officer at Silk Invest, an asset management company. The index ended 1.4 percent higher at 1,759 points. Selective buying dominated other Gulf bourses as well on Thursday - although gains came amid holiday-thinned volumes - with small to mid-cap stocks seeing the biggest rise. Qatar National Bank, the Gulf Arab state's largest lender, rose 0.9 percent, while Industries Qatar ended up a similar amount. Qatar's index closed 0.2 percent higher at 7,046 points, but could be set for declines. “We remind traders of the broad and ongoing correction since October and note that more selling remains visible in the short term,” Shuaa Capital said in a research note. Abu Dhabi's index and Bahrain's closed 0.2 percent and 0.3 percent higher respectively, and Oman's benchmark ended at 6,167 points, up 0.4 percent. Things will remain hazy till next year when new fundamentals step in.
