DUBAI – Gulf markets were mixed in muted trade post the holy month of Ramadan. The markets that opened Wednesday, the first trading day after the Eid holidays, ended the day higher with the exception of Dubai. “We're seeing retail traders grabbing opportunities before liquidity kicks in post-Eid holiday,” said Firass Yaish, head of business development at Trust Capital, Abu Dhabi. “There wont be much action on the market this week because people are still on holiday.” Kuwait measure gained 0.8 percent to 5,765 points, making its fifth straight gain since last week's eight-year low. Qatar benchmark advanced 0.1 percent to 8,495 points. Abu Dhabi index sustained gains for a ninth successive session, climbing 0.5 percent to 2,590 points, its highest close since March 21. Bahrain measure ticked up 0.2 percent to 1,083 points. However, Dubai index slipped 0.3 percent to 1,576 points, trimming year-to-date gains to 16.5 percent. Saudi Arabia and Oman markets were still closed Wednesday for the Eid holidays. Kuwait's Wataniya rose to a two-month high Wednesday after Qatar Telecom offered to buy remaining stake in the telco for $2.2 billion, while Shares in Wataniya jumped 4.6 percent to 2.3 dinars on the Kuwait bourse, their highest close since May 19 as it resumed trading after a two-month hiatus. Qtel already owns 52.5 percent of the firm and is offering 2.6 dinars per share for the stake. “Institutions, foreign and local and retail investors, are all keen to make a quick buck on this deal. It will create volume in the market because people making money on the rally will be putting it back in the market,” said Fouad Darwish, head of brokerage at Global Investment House. “We will not feel the full impact of the rally because of the timing... it's the last two days of the week and many people are not in the market.” The Kuwaiti bourse has booked losses for three consecutive months since May amid political upheaval. Last week, the government asked the country's top court to rule on a law that divides the Gulf Arab US ally into five constituencies, setting the stage for a showdown with opposition politicians. In Doha, Qatar Telecom's shares edged up 0.5 percent, extending gains since it made the Wataniya offer. Doha's index advanced 0.1 percent to its highest close since May 28. The market has been rallying in recent sessions as local retail investors look for short-term gain in small- to mid-caps. Focus shifted to larger caps on Wednesday with Industries Qatar rising 0.9 percent. In Dubai, bellwether Emaar Properties shed 0.9 percent, contractor Arabtec lose 1.1 percent and logistics operator Aramex closed 1.1 percent lower. – SG/Reuters
