Emirates NBD lifts Dubai; Abu Dhabi up MARKET FORCES: Agility shares have been suspended since Thursday last week and will not trade until its results are published. (Getty Images)
Emirates NBD (ENBD) surged to help Dubai's index DFM end higher for a first session in three.
ENBD rose 4.8 percent, masking a broader decline on the index, with losers outnumbering gainers 14 to four.
"ENBD will be one of the main beneficiaries of Dubai World's restructuring and that's the reason the stock is up," says Mohamed Kamal, an equities trader at Prime Emirates in Abu Dhabi.
On March 25, government conglomerate Dubai World unveiled a generally well-received debt restructuring offer. ENBD is one of two domestic lenders on a Dubai World creditor committee, with Abu Dhabi Commercial Bank (ADCB) the other.
The index climbed 0.1 percent to 1,839 points.
"The market is consolidating after making big gains and this should continue this week," said Kamal.
"The market will then resume its rally if first-quarter results are good - investors want to be sure that company earnings are recovering."
Abu Dhabi's index ADI ended higher for a second session in six, rising 0.4 percent to 2,848 points. Volumes slumped to a two-week low.
First Gulf Bank and National Bank of Abu Dhabi added 1.3 and 1.4 percent respectively. ADCB fell 1.5 percent.
Qatar's QSI and Kuwait's KWSE benchmarks edged up to 2010 closing highs.
Qatar's index rose 0.07 percent to 7,609 points, a six-month peak, despite losers outnumbering gainers by 13 to five.
Al Khaliji Bank was the main support in Qatar, jumping 8.6 percent, while fellow lender Masraf Al Rayan added 2.2 percent. Qatar National Bank fell 0.8 percent.
"Most of the stocks have the same story of being near crucial resistance levels and the same is true for the index," says a Doha-based technical analyst who asked not to be identified.