Dubai ends on fresh six month high

The benchmark rises 1.8 per cent to 2,026 points, its highest close since November 30. Trading volumes top 1 billion shares for the third time his week and only the fourth time since July 1 last year.

"There has been a strong inflow of international funds and foreign trading as a percentage of the market is close to the level of before the crisis," says Rami Sidani, Schroders Middle East head of investment.

"Large local institutions have been sitting on a lot of cash and have now been encouraged to come back in."

Dubai Islamic Bank climbs 3.6 per cent and Deyaar jumps 11.3 per cent as gainers outnumber losers 21 to one.

Energy stocks drag Abu Dhabi to lower close

Abu Dhabi's index ends lower for the first session in seven as energy stocks fall on weaker oil prices and trading volumes drop 40 per cent from the day before.

The benchmark slips 0.3 per cent to 2,803 points, but most analysts expect it to bounce back next week.

"The UAE markets have been lagging other emerging and Gulf markets after being punished the most to reach irrational prices, but they are now returning towards more normal levels in what is a challenging environment," says Rami Sidani, Schroders Middle East head of investment.

National Bank of Umm Al Qaiwain drops 8.5 per cent. Dana Gas and Abu Dhabi National Energy Co (Taqa) fall 1.7 and 2.1 per cent, respectively.

Oil rose to above $67 a barrel on Thursday, having fallen 3.5 per cent the previous day to retreat from a seven-month high of $69.05.

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