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 +

Sun 27 Dec 2009 10:59 AM

Font Size

- Aa +

Arabtec leads Dubai index to higher close

UPDATE 4: Construction firm's stocks up 6.3%, while Abu Dhabi marginally down.

Construction firm Arabtec lead gains on Dubai's main index, which ended higher, extending Thursday's gains.

Arabtec gained 6.3 percent, with related property stocks also attracting buyer interest. Emaar Properties ended 2.2 percent higher.

"We saw an opening loss for most companies; Arabtec was bucking the trend," said Chamel Fahmy, regional sales trader at Beltone Financial.

"Hence the market rebounded."

The index ended 0.6 percent higher at 1,769 points.

Abu Dhabi's benchmark ended marginally lower at 2,696 points.

Logistics firm Agility, embroiled in a court battle in the United States, attracted strong buyer interest and helped lift the index to a higher close.

Agility ended 8.2 percent higher, after clearing up some uncertainty on Thursday regarding the date of its next court hearing in the US.

Mobile telecommunications operator Zain ended 1 percent higher, and the index ended 0.8 percent higher at 7,113 points.

Bahrain's index also ended slightly higher, at 1,449 points, up 0.3 percent, and Oman's benchmark rose 0.2 percent to end at 6,180 points.

Qatar's measure was not able to sustain Thursday's gains, and ended 0.2 percent lower, at 7,029 points.

Banks and petrochemical stocks weighed on the Saudi index, which ended lower, unable to sustain Saturday's gains.

Rabigh Refining and Petrochemical Co (PetroRabigh) fell 1.6 percent and Saudi Arabian Refineries Co slipped 1.5 percent.

Among banks, Samba Financial Group declined 1.4 percent while Banque Saudi Fransi retreated 1 percent.

The index ended 0.3 percent lower at 6,255 points.. (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.