Banking, property shares drive UAE higher

STOCK WATCH: Kuwait's main measure KWSE eased 0.18 percent to 8,277 points.(Getty Images)

Banking and real estate stocks led UAE bourses to close higher with National Bank of Abu Dhabi surging 7.5 percent and Dubai's Union Properties gaining 8.7 percent.

First Gulf Bank climbed 8.5 percent as Abu Dhabi's bourse ADI rose 1.02 percent to 2,867 points.

Banks in the UAE are stable and liquidity in the financial sector is excellent, a UAE ministerial committee charged with helping the state navigate the financial crisis, said on Wednesday.

Deutsche Bank gave Union Properties and Deyaar a hold rating in a report on Wednesday. Deyaar rose 4.49 percent.

Dubai's index DFM advanced 1.04 percent to 2,098 points.

Emirates NBD gained 4.8 percent.

Qatar National Bank and Qatar Gas Transport Co (Nakilat) dragged the country's index to a lower close. Kuwait and Bahrain also fell.

Qatar National Bank fell 0.54 percent and Nakilat 0.75 percent as the benchmark declined 0.22 percent to 7,299 points.

Kuwait's main measure KWSE eased 0.18 percent to 8,277 points.

Commercial Bank of Kuwait slid 1.82 percent and Gulf Bank 1.23 percent.

Bahrain's bourse BAX fell 1.15 percent to 1,582 points.

Oman's benchmark MSI closed sharply lower led by Bank Muscat, which declined 1.81 percent.

The bank is likely to book provisions during the second quarter on its exposure to troubled Saudi groups Saad and Al-Gosaibi, an analyst said on Wednesday.

A Bank Muscat spokesman declined to comment when contacted by Reuters.

The country's index fell 1.7 percent to 5,630 points.  (Reuters)

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READERS' COMMENTS

Arabtech continues pumping
Posted by Geriant, Dubai, UAE on Thursday 11 June 2009 at 11:36 UAE time


The dumping is just around the corner for those ramping Arabtech, but watch these pages because deals will be announced regularly to keep the unwary interested.

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