MIDEAST STOCKS-Abu Dhabi hits 8-yr high as investors chase MSCI index picks | Reuters

MIDEAST STOCKS-Abu Dhabi hits 8-yr high as investors chase MSCI index picks | Reuters:



"* Three banks, property developer Aldar lift Abu Dhabi



* Dubai, Qatar bourses also rise



* QNB pulls back from chart barrier after Q1 earnings



* Saudi Arabia's Sipchem falls after weak Q1



* Egypts extends recovery from profit-taking bout



By Olzhas Auyezov

DUBAI, April 10 (Reuters) - Abu Dhabi's bourse rose to its highest level in eight years on Thursday, largely on the back of four stocks that look likely to be included in the MSCI emerging markets index.



Most other markets in the region also gained, but several weak first-quarter earnings reports and other negative news dragged down Saudi Arabia's stock market.



Abu Dhabi's index rose 2.0 percent to 5,172 points, surpassing its 2008 peak of 5,159 points and reaching its highest level since January 2006. If the break is confirmed next week, there will be no major technical resistance left before the record high of 6,238 hit in 2005.



First Gulf Bank rose 3.8 percent, National Bank of Abu Dhabi climbed 3.5 percent, Aldar Properties was up 3.3 percent and Abu Dhabi Commercial Bank added 1.9 percent."



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