MIDEAST STOCKS-Emaar, Emirates lift Dubai; petrochemicals aid Saudi | Reuters:
Dubai's stock market rose for the fourth straight session to a four-month high on Tuesday, lifted mainly by gains in heavyweights Emaar Properties and Emirates NBD, while petrochemical stocks buoyed Saudi Arabia.
The Dubai index closed 1.2 percent higher with Emaar Properties gaining 3.2 percent, while its largest lender Emirates NBD was up 2.4 percent, as one of its businesses will list on the London Stock Exchange.
"Our channel checks suggest foreigners have been accumulating Emaar. Also, it seems the stock had some favourable moves on technical charts. In banking, Emirates is seeing some interest on back of the IPO of its affiliate," Vrajesh Bhandari, senior portfolio manager at Al Mal Capital said.
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