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Tuesday, 24 November 2009 12:55 UAE time

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Dubai's Drake & Scull closes at all-time high

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 08 October 2009
STOCK WATCH: Third-quarter earnings for UAE developers may rise sequentially, Deutsche Bank said on Wednesday. (Getty Images)

Shares in Dubai-based contractor Drake & Scull jumped 5.5 percent, leading the benchmark index DFM higher.

The stock recorded its highest close since listing on the Dubai bourse in March this year, following an announcement of a new contract award worth $109m in Abu Dhabi on Wednesday.

Dubai's benchmark closed 1.4 percent higher at 2,297 points, outperforming all other Gulf Arab markets.

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Qatar National Bank declined 1.2 percent after its third-quarter profit fell 7.5 percent on Wednesday, and led the country's index QSI to a lower close.

Qatar's benchmark eased 0.2 percent to 7,582 points, falling for a second day.

Kuwait and Bahrain also ended lower.

Oman Cement Co climbed two percent to lead gains on Oman's index MSI.

The benchmark closed marginally higher, up 0.3 percent to 6,730 points. Oman's index rose for fifth trading session in six. (Reuters)

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