Oman engineering company the hot stock of the morning

Markets Update: Oman's index rises on Wednesday after Galfar Engineering said its chairman received regulatory approval to raise his stake in the company to up to 35 per cent - with video.

Galfar Engineering, a Oman-based contractor, was in a bright spot on Wednesday after saying its chairman has received regulatory approval to raise his stake in the company to up to 35 per cent, pushing the broader market higher.

Video:Market Minute, September 21, 2011

Hadeel al Sayegh reports on the morning action at UAE and international bourses

Shares of Galfar rose 2.7 per cent to 0.37 Omani rials a share, helping lift Oman's benchmark by 0.2 per cent to 5752.16 points.

In the UAE, Dubai's index was up 0.6 per cent to 1474.97 points. Property and construction stocks were the top traded on the Dubai Financial Market exchange, accounting for more than two thirds of shares changing hands.

Arabtec Holding rose 0.7 per cent to Dh1.37. Drake and Scull International added 0.8 per cent to 86 fils a share. Emaar Properties moved 0.7 per cent higher to Dh2.82.

In the capital, the Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2553.61 points.

Elsewhere in the region, Kuwait's index lost 0.2 per cent to 5929.90 points. Bahrain's index was little changed at 1255.90 points. Qatar's benchmark added 0.4 per cent to 8478.57 points. The Saudi Tadawul All-Share Index was up 0.4 per cent to 6144.27 points.