Arabtec share jump spurs Dubai bourse

Abu Dhabi state fund Aabar Investments, a major shareholder in the firm, held a board meeting on Monday, sources told Reuters, but it has not disclosed details
By Reuters
Tue 15 Jul 2014 11:54 AM

Shares in Dubai contractor Arabtec jumped in early trade on Tuesday, helping lift the emirate's bourse, while Qatar Islamic Bank supported the Doha benchmark after posting strong second-quarter results.

Dubai's benchmark rose 1.4 percent as Arabtec jumped 5.1 percent. Abu Dhabi state fund Aabar Investments, a major shareholder in the firm, held a board meeting on Monday, sources told Reuters, but it has not disclosed the results of the meeting. Aabar declined to comment.

Shares in investment bank Shuaa Capital surged 5.8 percent after Shuua said on Tuesday its second-quarter profit more than quadrupled.

In Abu Dhabi, the main drivers of the previous day's leg up, National Bank of Abu Dhabi and First Gulf Bank , pulled back 1.0 and 0.6 percent respectively.

But the index added 0.2 percent as telecommunications firm Etisalat rose 1.6 percent and Abu Dhabi Islamic Bank jumped 4.8 percent.

Qatar's bourse rose 0.6 percent. Qatar Islamic Bank was the main support, adding 2.6 percent after its second-quarter profit jumped 15 percent, beating analysts' expectations by a wide margin.

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