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Thu 17 Jun 2010 11:40 AM

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Air Arabia, Emaar lift Dubai bourse

UPDATE 2: Dubai's index rises 0.2% to 1,491 points; Abu Dhabi trades almost flat.

Air Arabia, Emaar lift Dubai bourse
(Getty Images)

Air Arabia and Emaar Properties helped lift the Dubai index DFM, which ended higher on the last day of the week after losing 1 percent in the previous session.

Air Arabia rose 2.4 percent to 0.84 dirham after HSBC raised the stock to "overweight" from "neutral", with a price target of 1.10 dirham. Bellwether Emaar rose 1 percent.

The Dubai index gained 0.8 percent at 1,500 points.

Abu Dhabi's index ADI ease 0.2 percent to 2,515 points.

Zain dominated trading activity on Kuwait's market KWSE which ended the week higher but traders remained skeptical about any sustainable gains on the bourse in the absence of notable rise in volumes.

Mobile telecommunications firm Zain climbed 3.9 percent, helping to lift the index.

"As a trader, we're not looking at how much higher the market ended today, but at the considerable drop in volumes and values traded," said a Kuwait based trader.

"The KSE watchdog is putting off a lot of people. But Zain today found buyers at lower levels. Nearly 20 percent of market activity today came from Zain - it's pretty sad."

The benchmark ended 0.6 percent higher at 6,583 points.

Oman's index MSI and Bahrain's measure BAX also ended marginally higher but Qatar QSI lost 0.3 percent to end at 7,008 points. (Reuters)

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