DUBAI: United Arab Emirates bourses stabilized on Wednesday after two days of heavy profit-taking

while Qatar, supported by a hunt for high-dividend stocks, rose to a new five-year high.

Dubai's main index gained 0.5 percent and Abu Dhabi added 0.1 percent; Dubai is up 73 percent year-to-date while Abu Dhabi sits on a gain of 44 percent.

Although both markets still have good long-term potential, some investors have been switching into high-dividend stocks ahead of the end of the year, and this triggered their drops earlier in the week, said Reda Gomaa, portfolio manager at Mashreq.

"There's a move toward Qatar and also Saudi Arabia," he said.

The profit-taking in the UAE may resume in coming days, partly because some investors are nervous before the decision in late November over whether Dubai will win the right to host the 2020 World Expo. The Qatari index was the strongest performer in the Gulf on Wednesday, rising 0.6 percent to hit a new five-year high at 10,129 points. It rose above its August peak of 10,110 points; a second straight daily close above that level would break the chart resistance and be technically bullish.