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Mon 9 Nov 2009 09:57 AM

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Emaar leads gains as Dubai closes higher

UPDATE 6: Property stocks boost Dubai but volumes are at eight-week low.

Dubai investors picked up property and related stocks as the index ended higher for a second consecutive day after the rollercoaster moves seen in the last week, although volumes slumped to an eight-week low.

Market heavyweight
Emaar Properties

rose 2.9 percent, and helped lift the index.
Union Properties

gained 4 percent and
Arabtec

ended 3 percent higher.

News on Sunday that Dubai's Finance Department has paid off a $1 billion Department of Civil Aviation bond which matured on Nov. 4 was boosting sentiment, analysts said.

Earlier on Monday, Dubai's ruler Sheikh Mohammed bin Rashid al Maktoum said that the worst of the economic downturn was over for the emirate.

He made the remarks at an investment event organized by Bank of America-Merrill Lynch in Dubai.

The index closed 1.4 percent higher at 2,154 points, the largest gainer among Gulf Arab bourses.

Abu Dhabi's index also gained, and ended 0.2 percent higher at 2,949 points. Like Dubai, volumes slumped, with Abu Dhabi's trading slipping to its lowest level since mid-July.

Qatar's index pared earlier losses and ended 0.3 percent higher, lifted by heavyweight
Qatar Gas Transport Co (Nakilat)

, which ended 0.9 percent higher.

Al Khaliji Bank

rose 2.9 percent.

Muted interest on other regional bourses led to a marginal decline on the Kuwait and Bahrain benchmarks.

Despite heavyweight
Zain

gaining 1.8 percent and National Bank of Kuwait rising 1.7 percent, the index closed 0.1 percent lower at 7,272 points.

Bahrain's index ended 0.6 percent lower at 1,499 points.

Oman's benchmark index ended slightly higher, having traded sideways for most of the session amid low volumes.

Among the bluechips,
Oman Telecommunications (Omantel)

rose 1.1 percent, helping to lift the index.

Bank Muscat

and
National Bank of Oman

fell 0.2 percent and 2.2 percent respectively.

The index ended 0.04 percent higher at 6,292 points.

Heavyweights on the Saudi index helped lift the benchmark to a higher close.

Saudi Basic Industries (SABIC)

rose 1.2 percent and
Saudi Telecom

advanced 1.3 percent.

The index ended 0.3 percent higher at 6,276 points.

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