Middle East Bourses Mostly Rise, Dubai Hits 5-Yr High


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MidEast stocks mostly rose, with Dubai reaching a new five-year high after Emaar Properties approved a bond conversion that will result in fewer new shares than expected.

The property developer responded to requests from convertible bond holders by agreeing to issue 18.7 million new shares; a tiny fraction of the company's 6.09 billion shares outstanding, Reuters reports.

Saudi Arabia also hit a fresh five-year high. Oman reached a 16-week high as investors positioned for year-end earnings and dividends.

Qatar was closed for a holiday.

Dubai's main index rose 2% to 3,208 points, Abu Dhabi eased 0.2% to 4,095 points, Saudi Arabia firmed 0.3% to 8,441 points, Oman inched up 0.3% to 6,812 points, Kuwait fell 0.4% to 7,576 points, Egypt gained 0.05% to 6,724 points and Bahrain added 0.02% to 1,208 points

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This article appears in: Investing , Commodities

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