Gulf indices close mixed

Dubai's Arabtec jumped to a near four-month high on Wednesday as recent contract wins boosted sentiment ahead of the builder's earnings, while Gulf Arab markets were mixed in muted trade.

Shares in Arabtec jumped 5.1 per cent to their highest close since Feb. 28. The builder has secured a flurry of contracts under its new management, led by Abu Dhabi state fund Aabar Investments.

The latest is worth Dh4 billion ($1.09 billion) to build a mixed-use development project by Abu Dhabi's Aldar Properties in Kazakhstan.

"Arabtec's legacy business is doing quite well and the backlog has doubled in the last year and a half," said Loic Pelichet, assistant vice-president for research at NBK Capital. "On standalone basis, it just about justifies the current share price."

The new awards, along with better sentiment for the UAE's property sector are adding to upbeat sentiment on Arabtec, he added.

The stock is recovering from sharp declines in late February after the company announced massive capital raising plans that could be dilutive to shareholders.

Dubai's measure rose 0.6 per cent, extending 2013 gains to 47.5 per cent.

Abu Dhabi's benchmark gained 0.2 per cent to its highest close since October 2008.

Elsewhere, Cairo's main benchmark slipped 0.5 per cent, its second decline in five-session days since June 12's one-year low.

Local investors have sold shares ahead of the first anniversary of President Mohamed Mursi taking office on June 30, which his opponents plan to mark by demonstrations.

Most stocks retreated - Commercial International Bank and Orascom Telecom dipped 1.1 and 1.5 per cent respectively.

"There is a lack of appetite - buyers are waiting for a trigger to enter the market," said Mohamed Radwan, director of international sales at Pharos Securities.

Foreign investors were net buyers, which sometimes happens when political tensions rise in Egypt. Foreigners prioritise long-term equity valuations over day-to-day political concerns, Radwan said.

Shares in heavyweight Orascom Construction Industries bucked the downbeat trend, rising 1.7 per cent after an extraordinary meeting of shareholders.

The company said it would discuss a takeover offer by Dutch-listed subsidiary OCI NV and a tax settlement with the government.

In Qatar, the index declined 0.2 per cent, its fourth decline in five sessions since last-week's 57-month high.

Gulf International Services faced the brunt of profit-taking, falling 3.7 per cent to trim 2013 gains to 44.5 per cent.

WEDNESDAY'S HIGHLIGHTS

DUBAI: The index climbed 0.6 per cent to 2,393 points.

ABU DHABI: The index gained 0.2 per cent to 3,665 points.

EGYPT: The index slipped 0.5 per cent to 4,684 points.

KUWAIT: The index eased 0.01 per cent to 8,075 points.

QATAR: The index declined 0.2 per cent to 9,340 points.

SAUDI ARABIA: The index ended flat at 7,526 points.

OMAN: The index declined 0.4 per cent to 6,469 points.

BAHRAIN: The index retreated 0.2 per cent to 1,202 points.