Emaar stocks drag Dubai to lower close

STOCKS NEWS: Aldar Properties lost 2.3 percent in early trading. (ITP Images)

Dubai's Emaar Properties ended 0.5 percent lower, dragging on the index, which ended down 0.1 percent at 2,192 points.

Air Arabia and Dubai Islamic Bank ended 0.9 percent and 0.3 percent down respectively.

In Abu Dhabi, the index ended 0.3 percent down at 3,128 points. Emirates Telecommunications Corp lost 1.2 percent, while RAKbank declined 4.7 percent.

Kuwait's Mobile Telecommunications Co (Zain) soared to close 7.8 percent higher, a day after one of its major shareholders said two Indian groups were interested in buying a stake in the firm.

India's Bharat Sanchar Nigam and Mahanagar Telephone Nigam are interested in joining a consortium to buy up to 46 percent of telecoms group Zain, Kuwaiti conglomerate Kharafi Group said on Saturday.

The benchmark closed up 0.4 percent at 7,786 points.

In Oman, the benchmark ended up 0.05 percent higher at 6,637 points. Al Jazeira Services added the most points to the index, rising 5.9 percent.

The Doha index rose 0.43 percent to 7,517 points, led higher by Barwa Real Estate, which added 4.2 percent.

Bahrain's benchmark ended 0.85 percent higher at 1,575 points.

Saudi Arabia's benchmark index closed up 0.6 percent at 6,302 points, led higher by bank and petrochemical stocks.

Al Rajhi Bank added the most points to the index, rising 2.0 percent, while Saudi Basic Industries Corp (SABIC) gained 1.6 percent.

The next minor resistance level lies at 6,600 points, followed by a major one at 7,000 points, according to Mohammed Yasin, chief executive of Shuaa Securities. (Reuters)

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