Font Size

- Aa +

Tue 13 Nov 2012 11:09 AM

Font Size

- Aa +

Air Arabia hits seven-month high after Q3; Dubai dips

Shares in Air Arabia rise to a seven-month high after carrier posted quarterly earnings beating analysts' estimates

Air Arabia hits seven-month high after Q3; Dubai dips
Shares in Dubai-listed Air Arabia rise to a seven-month high.

Shares in Dubai-listed Air Arabia rise to a seven-month high after the carrier posted quarterly earnings that beat analysts' estimates, but the emirate's index slips as investors book gains in bluechips.

Air Arabia climbs 3.3 percent to AED0.718, its highest intraday level since April 17.

Its third-quarter net profit more than doubled as the airline carried more passengers and benefited from easing fuel costs.

Dubai's index slips 0.2 percent to 1,621 points, easing away from Monday's two-week closing high as losers outnumber gainers 12 to one.

Heavyweight Emaar Properties drops 0.6 percent, courier Aramex sheds 1.5 percent and telecom operator du falls 0.8 percent.

Elsewhere, Abu Dhabi's measure trades flat at 2,706 points. Dana Gas slips 2.3 percent, while Eshraq Properties gains 5.9 percent.

In Qatar, the benchmark slips 0.3 percent to 8,473 points as heavyweights weigh.

Industries Qatar falls 1.2 percent, trimming year-to-date gains to 12 percent.

Islamic bank Masraf Al Rayan dips 0.6 percent and Qatar Islamic Bank sheds 0.9 percent.

Shares in Qatar National Bank tick up 0.3 percent.