Emaar shares jump 7% on back of tallest tower deal

Shares in Dubai developer Emaar Properties ended up 7.18 percent, a day after news of a major project in Saudi Arabia.

The benchmark finished the day up 4.75 percent at 2,198 points.

Saudi-based Kingdom Holding Co said on Saturday it had appointed Emaar to supervise and develop a large property project which will feature the world's tallest tower.

Abu Dhabi's main index rose 3.35 percent to 2,963 points, its largest one-day gain since the end of March.

National Bank of Abu Dhabi and First Gulf Bank added the most points to the benchmark, soaring 8.74 percent and 5.78 percent respectively.

Saudi Arabia's benchmark closed almost unchanged, up 0.07 percent at 6,099 points.

National Shipping Co added the most points to the index, gaining 8.15 percent, while Saudi Kayan gained 1.62 percent.

Kuwait's main index ended almost flat, up 0.07 percent at 8,282 points.

Shares in Mobile Telecommunications Co (Zain) decline 1.72 percent as the market awaits firmer information on talk that the telecoms firm may receive a bid for its Nigeria operations. Logistics firm Agility gained 1.69 percent.

Qatar's benchmark finished up 0.87 percent at 7,363 points. Commercial Bank of Qatar and Qatar Gas and Transport (Nakilat) add the most points to the index, rising 1.37 percent and 1.14 percent respectively.

Nakilat, the world's biggest shipper of liquefied natural gas (LNG), said on Sunday it raised $949 million to fund new ships.

Bahrain's main index ended up 0.28 percent at 1,586 points.

Oman's main index ended down 0.55 percent at 5,599 points, led lower by Bank Muscat <BMAO.OM>, which falls 6.34 percent.

Bank Muscat said last week it had exposure to troubled Saudi businesses Saad Group and Ahmad Hamad Al Gosaibi Group & Brothers (AHAB) totalling 66 million rials ($171.4 million). National Bank of Oman fell 1.24 percent.

Saudi Arabia's main index traded almost unchanged in early trading, edging up 0.06 percent to 6,095 points.

Al Rajhi Bank lost 0.7 percent, while Saudi Cement Co rose 3.45 percent.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM