Reuters reported that Dubai listed Drake and Scull helps lift the emirate's bourse after the firm's JV won a new contract in Saudi Arabia valued at SAR 2.7 billion.
Shares in DSI rise 1.6%. The contractor and engineering firm along with Arabian Construction co will build the third phase of the Jabal Omar development in Makkah. Other property related stocks also gain. Emaar Properties and builder Arabtec climb 0.5% and 0.4% respectively. Dubai's benchmark advances 0.5% to 1,595 points down 1% so far in December.
MENA Corporation said that the focus is now back again to the downside and we are waiting for the downward break of 1,575 support level which will complete a bearish trend reversal pattern to go short. Only the upward break of 1,630 would cancel the bearish scenario. The market however has gained 17.5% year to date.
Abu Dhabi's bourses also rise, helped by a slight recovery in heavyweight Etisalat. Shares in the telecom operator gain 3 percent, halting two days of sharp declines, spurred after the government set new royalty rates or taxes for operators.
Dana Gas rises 4.3% heading for its third gain since it reached an agreement with credit holders on restructured sukuk terms. Abu Dhabi's benchmark edges up 0.3% to 2,613 points. Elsewhere, Kuwait's index ticks up 0.1% to 5,938 points while Oman's benchmark trades near flat.
