JEDDAH/DUBAI – Gulf stock markets closed mixed Sunday, with Dubai's heavyweight banking and property stocks lifting the emirate's index to a fresh 33-month high above a long-term resistance level, while other regional markets were mixed. Dubai's index rose 1.5 percent to 1,819 points, its highest finish since April 2010. Dubai Financial Market, the Gulf's only listed bourse, added 2.4 percent, accounting for nearly a quarter of all shares traded on the index. “UAE markets are making a real turnaround,” said Musa Haddad, head of investment advisory services at National Bank of Abu Dhabi. “The economy is growing faster than others, new projects are coming in and confidence is back in the debt market.” The Dubai index closed above major chart resistance at 1,778 points - the 2012 high hit in March last year - and the October 2010 peak of 1,793 points. Abu Dhabi index climbed 0.6 percent to 2,800 points. Kuwait index ticked up 0.05 percent to 6,206 points, and Bahrain index gained 0.3 percent to 1,074 points. However, Saudi Arabia's Tadawul All Share Index eased 0.02 percent to 7,023.74 points. Qatar index slipped 0.6 percent to 8,641 points, while Oman index ended flat at 5,820 points. Meanwhile, Egypt's index also eased 0.02 percent to 5,688 points. Non-Arab foreigners were net buyers against selling pressure from Egyptians and other Arab investors, according to bourse data. Cairo's index ended 0.02 percent lower, trimming 2013 gains to 4.1 percent. Most stocks slipped, with 19 down and nine up. For a break-out, it would need to close above these levels for at least two successive sessions, with a technical target above 2,200 points looming in coming months. Orascom Telecom rose 1.2 percent, while Talaat Moustafa dropped 1.9 percent. — SG/Reuters
