Abu Dhabi market closes higher thanks to Dana Gas deal

UPDATE 6: Oman, Saudi, Qatar, Bahrain all close higher at end of Monday trading.
Abu Dhabi market closes higher thanks to Dana Gas deal
By Raissa Kasolowsky;
Mon 18 May 2009 10:30 AM

Abu Dhabi's Dana Gas ended up over eight percent, a day after it said it was part of a consortium of companies from the UAE and Europe which plans to export enough gas from Kurdistan.

The consortium has said it will be able to pump enough gas from northern Iraq to supply the first phase of the Nabucco pipeline to Europe.

Abu Dhabi's main index ended up 1.04 percent at 2,592 points.

Dubai's benchmark ended 1.79 percent higher at 1,646 points.

Emaar Properties gained 2.8 percent.

Oman's main index closed up 0.96 percent at 5,386 points.

Heavyweight Bank Muscat ended up 1.98 percent, while National Bank of Oman rose 1.27 percent.

The benchmark has ended lower four out of the past five trading sessions.

Saudi Basic Industries Corp (SABIC) gained 1.16 percent in early trading, lifting the benchmark 0.3 percent to 5,959 points.

Al Rajhi Bank rose 0.36 percent.

Qatar's main index rose 1.13 percent to 6,539 points in early trading, ending two days of losses.

Qatar National Bank added the most points to the index, rising 1.71 percent.

Barwa Real Estate Co added 1.86 percent, while Qatar Gas Transport Co (Nakilat) rose 0.85 percent.

Bahrain's main index edged up 0.04 percent to 1,657 points. (Reuters)

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