UAE and Qatar markets extended gains, with Dubai finishing at a 10-week high as investors picked up stocks on earnings optimism. Dubai’s index ended 0.9 per cent higher at 1,529 points, its highest close since May 8.

“The index broke the 200-day moving average at 1,505-1,515 and this gives it more strength towards 1,546 in the near-term,” said Amjad Bakir, head of Mena Corp Securities.

Bellwether Emaar Properties gained 1.2 per cent to close at Dh3.27 per share. “Emaar is trading near a very strong resistance level of Dh3.33 and at the same time its showing a bearish divergence on the half hour chart,” Bakir added, suggesting profit-taking at this price level. Contractors Drake and Scull and Arabtec rose three per cent and one per cent, respectively. Abu Dhabi’s bourse also gained, closing 0.2 per cent higher at 2,463 points.

In Doha, the benchmark advanced 0.2 per cent to 8,314 points, its highest close since June 11. Banks supported the rally, with Commercial Bank of Qatar up 1.4 per cent, while Qatar National Bank and Doha Bank added 0.4 per cent and 1.4 per cent, respectively.