DUBAI: Abu Dhabi's Aldar Properties hit a 16-week high on expectations of strong quarterly earnings, while Abu Dhabi's bourse slipped off a similar high.
Most Gulf markets edged up in tepid trading and lackluster volumes amid a summer lull exacerbated by the Muslim holy month of fasting when many investors are away from the market.
Shares in Aldar rallied 3.5 percent to 1.2 dirhams, their highest close since April 10.
The developer, currently in merger talks with Sorouh Real Estate, is forecast to post a drop in quarterly profit according to two analysts polled by Reuters.
"Aldar is up on earnings expectations. Analysts set a really low bar on the numbers and they are likely to beat the expectations," said a Dubai-based trader.
Amjad Bakir, head of trading and technical research at MENA Corp said the stock is moving in a bullish technical pattern and could reach a 1.27 and 1.31 dirhams price target in the medium term.
Abu Dhabi's measure ended 0.4 percent lower at 2,507 points, snapping a five-session rally.
Heavyweights dragged with Etisalat and Abu Dhabi Commercial Bank 1.4 percent and 0.6 percent lower. Abu Dhabi National Energy fell 3.2 percent on low volumes and a cross-trade.
In Dubai, the index edged up for a fourth day, closing 0.2 percent higher.
Elsewhere, Doha's measure rose 0.2 percent to its highest close since June 6.
National Leasing Holding rallied 2.6 percent in heavy trade after its board said it will meet with shareholders to approve the acquisition of Al Nasser Driving School and Petro Qatar.
"We're seeing the migration of cash from name to name with volumes spiking on National Leasing," said Ahmed Shehada, head of trading at Qatar National Bank Financial Services.
"The speculation moves continue on small- to mid-caps by retail traders."
Banks supported the market with Qatar Islamic Bank and Commercial Bank of Qatar rising 1.3 percent each.
The index closed above the 8,300 psychological level, which is likely to bring in buyers.
In Oman, bargain hunters lifted the bourse for a second session since Tuesday's three year-low, building fresh positions at the start of a new month.
The index rose 0.7 percent. Bank Muscat and Raysut Cement were the main support, rising 1.9 and 2.6 percent respectively.
