Arabtec leads Dubai up; Qatar rises on gov't aid news

HIGH RISE: Arabtec said on Saturday it expected to post a profit of about 10% in 2009.(Getty Images)

Shares of Arabtec ended more than 11 percent up in Dubai after saying it would launch a Saudi Arabian joint venture, lifting the index, while Abu Dhabi National Energy Co (Taqa) weighed on Abu Dhabi.

Arabtec surged 11.84 percent and Emaar Properties ended 1.98 percent up. The index DFM closed 0.63 percent up at 1,526 points.

In Abu Dhabi, Taqa ended 4.37 percent down and First Gulf Bank slipped 6.8 percent. The benchmark ADI ended 1.15 percent lower at 2,389 points.

Saudi Arabia:

Shares of Al Rajhi Bank and Etihad Etisalat led declines in Saudi Arabia.

The index TASI touched its lowest point in at least two years, shedding 1.92 percent to 4,130 points.

Al Rajhi slipped 4.35 percent and Etisalat ended 3.24 percent down.

Kuwait:

Kuwait's benchmark KWSE ended marginally higher led by National Bank of Kuwait and Kuwait Finance House.

National Bank of Kuwait ended four percent up and Kuwait Finance closed 3.39 percent higher.

The index rose 0.13 percent to 6,532 points.

Qatar:

Qatar's main index QSI made its biggest one-day gain since Oct. 14 as banks rallied on news that the government will support local lenders by buying listed shares of investment portfolios.

Qatar Islamic Bank, Qatar National Bank and Commercial Bank of Qatar all closed more than nine percent up.

The index ended 8.85 percent up at 4,783 points.

Oman:

Oman Cables Industry and Oman Cement Co lifted Muscat's benchmark MSI for the third time in the last four trading sessions as investors bought into industrial stocks in anticipation of a rebound in oil and commodity prices.

Oman Cables and Oman Cement ended 8.94 percent and 6.38 percent higher respectively.

"There is strong accumulation in the industrial sector from retail investors and the stabilisation fund," said Adel Nasr, local brokerage manager at United Securities. "It's mainly on speculation oil and commodity prices are at the bottom and this will impact positively on the industrial sector."

The index gained 0.75 percent to 4,793 points.

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