Dubai's stock market advanced on Wednesday, a session after the index registered sharp gains following its plans to launch a multi-billion dirham market-maker fund, while the Saudi benchmark retreated amid falling oil prices.
Dubai's main share index (.DFMGI) advanced 2.4% to its highest level in more than three years as most stocks were trading in the black, including blue-chip developer Emaar Properties (EMAR.DU) with a 5% jump.
Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. read more
He also said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, and that 10 state and state-related firms would be listed on Dubai Financial Market (DFM).
Sheikh Maktoum, who oversees stock markets in the emirate, later tweeted that state-owned utility Dubai Electricity & Water Authority would be listed on the Dubai bourse in the coming months.
Among other gainers, Dubai Financial Market (DFM.DU) surged 14.9% to notch its biggest intraday gain in about 18 months.
Saudi Arabia's benchmark index (.TASI) fell 0.5%, hit by a 0.9% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.4% decrease in oil giant Saudi Aramco (2222.SE).
Oil prices fell as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, meets on Thursday to review its policy and is expected to reconfirm plans for monthly increases. read more
The kingdom's energy index (.TENI) was down 0.5%.
In Abu Dhabi, the index (.ADI) added 0.2%, reaching a record high, with Emirates Telecommunications Group (ETISALAT.AD) rising 1.8%.
The Qatari benchmark (.TASI) rose 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) gaining 0.7%.
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