Kuwait bourse extends rally; UAE markets slip off multi-year highs

DUBAI: Kuwait's bourse extended sharp year-to-date gains in heavy trading, while profit-taking weighed on bourses in the UAE and other markets were mixed.
Kuwait's index rose 1.3 percent to hit a fresh 46-month high, trading 111 million dinars ($387.9 million).
Companies owned by one of Kuwait's largest merchant families rose after a favorable court ruling.
Kuwaiti newspaper reports said Libya will have to pay the Kharafi Group $930 million in damages for former leader Muammar Qaddafi's canceling of the construction of a vacation resort.
Telco Zain gained 2.9 percent, National Industries Group Holding climbed 2 percent and National Investments Company rose 2.4 percent.
Most large-caps rose, pushing the bluechip Kuwait 15 index up 13 points.
"We expect the market to continue its positive performance and maintain above the 8,000 points level mainly driven by the positive sentiment and the new liquidity channelled to the market," said Fouad Darwish, head of brokerage at Global Investment House. The index closed at 8,126 points.
In the UAE, profit-taking slowed the recent rally on the two main bourses.
Dubai's Arabtec fell 2.1 percent after thousands of workers at the firm staged a rare strike, demanding higher pay.
The emirate's benchmark snapped a nine-session rally, falling 0.5 percent to trim year-to-date gains to 44.3 percent.
Abu Dhabi benchmark slipped off its 54-month high, falling 1.2 percent.
Turnover has surged on the two markets as fresh cash is chasing gains following a sentiment revival in the property and banking sectors.
"Foreign interest has been holding up markets but there is heavy retail buying now," said Amer Khan, fund manager at Shuaa Asset Management.
"I wouldn't speculate where the money is coming from — this is a rich country."
Elsewhere, Qatar's measure gained 0.6 percent after breaching 9,000 points for the first time since January 2011 in the previous session.
Egypt's benchmark slipped 0.4 percent and Oman's measure retreated 0.1 percent.