1

1

E-mail Article

Printer Friendly

Share Article

Abu Dhabi market holds gains, Dubai slips

Abu Dhabi's main index held on to its gains, ending 0.3 percent higher at 3,240 points, while Dubai's benchmark dipped 1 percent lower at 2,351 points.

All stocks in Dubai, with the exception of Emirates NBD, closed lower or unchanged.
Emaar Properties, which touched the AED5 mark in intraday trading for the first time since November 2008, slipped 1.02 percent to end at AED4.84.

In Abu Dhabi, Emirates Telecommunications (Etisalat) gained 1.2 percent. On Wednesday, the company said it would sell bonds to help finance overseas expansion.

Qatari banks, with the exception of Qatar Islamic Bank, posted gains after a volatile session, helping the main index to a higher close after six sessions of losses.

Qatar's benchmark ended 0.7 percent higher at 7.342 points. Qatar National Bank, the country's biggest bank, ended 0.4 percent higher.

Qatar Islamic Bank, which disclosed quarterly results below expectations on Wednesday, fell 2.3 percent.

Kuwait's stock market inched slightly lower to 7,708 points. National Bank of Kuwait fell 3.2 percent. Bahrain's main index edged slightly higher to 1,550 points.

Bank Muscat, reporting third-quarter results before the end of the trading session, led the Oman bourse to a higher close.

The stock jumped 4.1 percent and was also one of the most actively traded stocks.

Bank Muscat shares outperformed the market during the session on speculation it would disclose positive third-quarter results, traders say.

Oman's biggest bank by market value made a third-quarter net profit drop of 38 percent.

Kuwait's main index KWSE traded relatively unchanged, amid low volumes, as the market was unmoved by a positive trend on other Gulf Arab markets.

The benchmark edged 0.1 percent higher to 7,721 points.

"We are seeing a pullback in terms of turnover," said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.

"We see people doing some profit taking on the blue chips," he said. Heavyweights National Bank of Kuwait and Zain both traded flat. (Reuters)

No Comments