UAE bourses end on positive note

zoom

STOCKS NEWS: Emaar Properties gained 2.7 percent. (Getty Images)

Bourses in Dubai and Abu Dhabi ended on a postive note, thanks to bullish comments from UAE officials on the country's economic prospects.

Property stocks led in Dubai, with Emaar Properties gaining 2.7 percent and Drake & Scull advancing 2.6 percent.

The main Dubai index climbed 1.2 percent to 2,325 points, hitting a fresh 11-month high.

Investors "are progressively becoming more optimistic and we are seeing liquidity coming back to the capital markets," says Ayman el-Saheb, Darahem Financial Brokerage director of operations.

"But I am extremely cautious, let's try to hold on to these gains and try to grow from here," he says.

Gains in Abu Dhabi were equally strong, as the benchmark rose 1.2 percent to 3,230 points.

Of the main stocks, Emirates Telecommunications Corp and National Bank of Abu Dhabi outperformed, rising 2.5 percent and 2.9 percent respectively.

Banking stocks led Saudi Arabia's index to close 0.5 percent higher at 6,400 points.

Al Jazira Bank shares soared 8.2 percent, while Banque Saudi Fransi gained 3.4 percent.

"The up trend is intact and unless we see a break below the recent low of 6,250 (points), more upside will remain visible," according to a recent Shuaa Capital note.

Saudi Fertilizers slipped 2.1 percent after reporting an almost 75 percent drop in third-quarter profit on Saturday.

Industries Qatar, the largest stock by market value in the country, fell 1.5 percent, weighing on the main index.

A unit of Industries Qatar has awarded two international firms a contract to build a new fertilizer plant in Qatar.

Qatar's benchmark fell 0.4 percent to 7,552 points.

Qatar National Bank retreated 1 percent.

Kuwait's bourse also ended lower, 0.9 percent to 7,782 points.

Gulf Bank, was among the worst performers, falling 5.6 percent. Bahrain's benchmark edged 0.5 percent lower.

Oman's benchmark climbed 0.5 percent to 6,763 points, while banks had a mixed trading session.

Bank Muscat fell 0.2 percent, while National Bank of Oman and Bank Dhofar gained 1.1 percent and 0.5 percent respectively.

Oman will base its 2010 budget on a projected average oil price of $50 a barrel, the national economy ministry said on Sunday, sparking calls for the government to take a less conservative approach given the downturn. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM