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Thu 2 Jul 2009 10:04 AM

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Banks push Abu Dhabi to higher close

UPDATE 3: Oman Telecom and Galfar Engineering push Omani bourse MSI higher for third trading day.

Banks led Abu Dhabi's index ADI to a higher close as markets rose across the Gulf Arab region, with traders consolidating positions ahead of second quarter results.First Gulf Bank jumped 8.3 percent and Abu Dhabi Commercial Bank rose 9.43 percent as the index advanced 1.6 percent to 2,671 points.

"We are seeing a good consolidation phase," said Mohammed Yasin, Shuaa Securities chief executive.

"Stable international markets are helping and the oil price is around $70."

Dubai's benchmark DFM edged 0.6 percent higher to 1,821 points led by Emaar Properties which climbed 1.5 percent.

The Kuwait, Qatar and Bahrain bourses ended higher in low volume trading, supported by stable international markets as Qatar led gains with a one percent rise.

"Overall global markets seem to be fairly good and this positive sentiment has translated into our markets as well," says Shahid Hameed, head of asset management for the Gulf at Global Investment House.

"Volumes are a bit low and will probably be on the low side for some time."

Qatar's index QSI closed at 6,474 points, led by Qatar Commercial Bank and Qatar National Bank, which climbed 2.7 and 2.1 percent respectively.

Kuwait's index KWSE ended 0.1 percent higher at 8,107 points and Bahrain BAX rose 0.1 percent to 1,590 points.

Muscat's measure MSI closed higher for a third trading day, led by Oman Telecommunications Co (Omantel) and Galfar Engineering, which rose 1.7 percent and 4.9 percent respectively.

The bourse advanced 0.4 percent to 5,690 points. (Reuters)

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