Dubai: UAE bourses were closed Wednesday ahead of Eid Al Fitr holidays, while other exchanges were still open for trading.

In Qatar, Qatar Telecom hit a two-year high, a day after its Omani unit Nawras said it could raise as much as $608 million (Dh2.2 billion) from its 40 per cent initial public offering (IPO), helping Doha's index to end higher for a first day in three.

Qtel climbed 1.3 per cent to its highest finish since August 4, 2008. Qatar National Bank rose 1.4 per cent and Industries Qatar added 0.7 per cent.

The index climbed 0.4 per cent to 7,455 points, to be within 0.2 per cent below Sunday's 17-week peak.

Kuwait's index ended higher for a sixth straight session, despite investors cashing in gains in some banks.

National Bank of Kuwait dropped 1.3 per cent, easing from Tuesday's 23-month high and Burgan Bank fell 2.1 per cent, but Kuwait Finance House added 1.7 per cent.

"Banks made a good move in recent weeks, so it was time for profit taking, but this isn't heavy when compared to their gains," says Nasser Al Nafisi, general manager for Al Joman Centre for Economic Consultancy in Kuwait.

The banking index fell 0.6 per cent, trimming its gains since July 4. to 22 per cent.

The main index edged up 0.05 per cent to 6,757 points, slipping from Tuesday's 14-week high. Volumes slump to a two-month low.

Lebanon

Lebanon's BLOM index closed unchanged at 1,455 points. Real estate firm Solidere's A share ends fractionally higher at $20.01 while its B share, which barely traded, falls 1.0 per cent.

Textile stocks helped Egypt's key index rise at the open, while National Real Estate Bank extended gains as its entry into the EGX30 prompts buying by index-tracking funds.

The index gained 0.6 per cent, with two stocks rising for each that falls. NREB was the biggest gainer, up 2.4 per cent. The bank has jumped 13 per cent over the last five sessions.

Traders say investors have been steering clear of blue-chip stocks ahead of the four-day Eid Al Fitr public holiday and focusing on small and mid-caps, particularly textile companies after positive data on Egyptian cotton exports.

"Arab Cotton Ginning has been outperforming the market due to the cotton export release," says Sarah Tolba at Pharos Securities. "I think this will pull up the textile industry and this is already seen in spinning company Arab Polavara."

Arab Cotton Ginning rose 2.3 per cent, taking its gain over the last five sessions to 7 per cent. Arab Polavara was up 0.6 per cent while clothing and textile maker Kabo gained 0.8 per cent.

In Oman, banks declined as the index ended lower for a first session in six in subdued trade.

Bank Muscat fell 0.2 per cent, National Bank of Oman lost 1.5 per cent and Oman International Bank dropped 0.4 per cent.

"It was a very quiet session, with some buying from local pension fund into Bank Muscat as foreign and local institutions sold," says Adel Nasr, United Securities brokerage manager.