Dubai bourse outperformed other sluggish Gulf stock markets in early trading on Wednesday,
with the
rise of Dubai shares for parks and resorts by speculative buying.
Dubai's index rose 0.6 percent and Dubai shares for parks and resorts acquired 60 percent of the transactions and the stock rose five percent to high record reached up to 1.26 dirhams before its gains trimming to 4.2 percent.
The stock jumped 2.6 percent on Tuesday, although the company, which is building a number of recreational parks has not made any announcements and do not expect to make a profit before 2018.
Shares of Amlak for Finance was the second most heavily traded stock on the exchange and rose 1.4 percent. Amlak shares had seen a wave of speculation since the resumption of its trading this month after its stop for six years during which the company has restructured its debt.
Other Gulf markets didn't witness remarkable movements where the general index of Abu Dhabi market rose 0.3 percent, while Qatar and Oman bourses are stable
However Lights Holding Omani Company rose 1.9 percent after the company announced that unity the Falcon for Insurance Company plans to conduct an initial public offering of shares. The company did not reveal any details.
Kuwaiti indicators fell in early trading on Wednesday, affected by losses of a number of leading stocks and poor liquidity with weak activity of dealers in the month of Ramadan.
The price index of the market went down 0.16 percent to 6249 points, while Kuwait 15 Index fell 0.65 percent to 1022.7 points.
Declines of the market led heavyweight Zain share, which fell 3.4 percent, followed by shares of National Bank of Kuwait and Burgan bank by losses of 1.1 percent for each share.
In contrast, Gulf Bank shares rose1.8 percent and Viva rose 1.08 percent.