Dubai bourse hits 11-month high as Abu Dhabi ends lower

Dubai heavyweight Emaar Properties ends up 2.9 per cent, leading the index up 0.7 per cent to 2,342 points, its highest close since . The benchmark has rallied more than 43 per cent since mid-July. "It's getting to the stage now where stocks in Dubai have priced in the best that we can hope for from Q3 results and as such the question 'so now what' comes into play," Matthew Wakeman, director of cash and equity linked trading at EFG-Hermes in Dubai, says in a research note.

"Blowout earnings will provide some juice to the upside on a stock specific basis but for the majority it's developing into a `buy the rumour sell the fact scenario in my view," he adds. In Abu Dhabi, the benchmark closes down 0.4 per cent at 3,218 points, just off a new 11-month high reached in the previous session. Abu Dhabi Commercial Bank takes the most points off the index, declining 3.4 per cent.