UAE markets end down on day of mixed fortunes

SHARES DOWN: UAE exchanges were down early on Thursday. (Getty Images)

Dubai's Emaar Properties ended 3.27 percent down, dragging the index to close nearly two percent lower as negative news from lenders and the government deepens concerns over the health of the emirate's economy.

The index closed 1.99 percent lower at 2,012 points, hovering just above a four-year low hit earlier in the week.

Emirates NBD and Dubai Financial Market finished 2.5 percent and 7.45 percent lower respectively.

In Abu Dhabi, Etisalat ended 0.77 percent lower, with the index closing down 1.64 percent.

Qatar's main index closed up 0.84 percent, lifted by Industries Qatar which rose 1.55 percent.

Oman's main index ended up 3.09 percent at 6,221 percent after the government announced a 150 million rial market-maker fund to stabilise the bourse.

Oman Cables Industry soared 6.99 percent, while Raysut Cement Co gained 8.26 percent. National Bank of Oman ended 4.22 percent higher.

Kuwait's Mobile Telecommunications Co (Zain), the country's largest firm by market capitalisation, surged 9.43 percent, lifting the index as a government plan to invest in the bourse boosted confidence.

"People are happier because of the the government bailout fund. The confidence for the short term is better," said Ammar Hajeyah, assistant manager at Global Investment House.

National Bank of Kuwait and Kuwait Finance House gained 8.06 percent and 6.85 percent respectively as the index rose 0.5 percent to 8,854 points.

Gulf Arab markets were expected to decline on Thursday.

Dubai said on Wednesday it had set up a committee to recommend ways to tackle the impact of the financial crisis on the emirate's economy, and that a few state-controlled companies may need the government to help them pay off their debts.

Print | Email | Discuss this article |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM