We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 9 Sep 2009 10:45 AM

Font Size

- Aa +

Air Arabia leads Dubai index to higher close

UPDATE 7: Shares up 2.9% on news the carrier is launching new Egyptian low-cost airline.

Dubai's index closed 0.7 percent higher at 2,011 points led by Emaar Properties and Air Arabia.

Air Arabia climbed 2.9 percent after setting up an Egyptian carrier and third hub.

Emaar closed 1.8 percent higher.

Abu Dhabi's index gained 1.4 percent to 3,018 points, led by Etisalat, which gains 4 percent.

Zain shares ended unchanged after a volatile trading session and two days of losses.

A consortium of Indian telecom companies and a Malaysian investor are set to buy a 46 percent stake in the Kuwaiti telecom firm and will pay 2 dinars a share, valuing the deal at about $13.7bn.

Shares in Zain ended at 1.38 dinar. Its lowest intra-day value was 1.28 dinars.

Kuwait's index closed 0.2 percent lower at 7,783 points.

Banks led Doha's index to close 1.3 percent lower at 7,062 points, its first decline after three trading days of wins. Commercial Bank of Qatar fell 2.42 percent lower, while Qatar National Bank shed 3.9 percent.

Bahrain's main index edged 0.1 percent lower to 1,523 points. Bahrain Cinema Company was the biggest decliner, losing 3.9 percent.

Oman's main index ended 1.2 percent higher at 6,549 points, led higher by Bank Muscat.

Bank Muscat ended 7.1 percent higher at 0.907 rials after HSBC started covering the stock with an overweight rating and a 1.2 rials price target.

Omantel edged 1.4 percent lower.

Saudi's benchmark ended 0.7 percent lower at 5,713 points, dragged down by Saudi Basic Industries (SABIC) which slipped 2 percent.

SABIC's lower close ended a five-day winning streak for the company.

Al Rajhi Bank fell 0.7 percent and Samba ended 2.8 percent lower. (Reuters)

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.