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Tue 7 Jul 2009 10:18 AM

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Emaar recoups some losses, Dubai index ends higher

UPDATE 8: Emaar climbs 4.4% in first rise since merger plans, Abu Dhabi ends low.

Emaar recoups some losses, Dubai index ends higher
MARKET MOVERS: Aramex led early risers on the Dubai index on Tuesday. (Getty Images)

Dubai's index ended higher for the first session in three as Emaar Properties recouped some of its recent losses.Emaar climbed 4.4 percent, Dubai Financial Market surged 5.2 percent and Union Properties rose 3.5 percent.

The index climbed 2.3 percent to 1,760 points.

It has fallen 20 percent since hitting a seven month high on June 14 as Emaar's merger plans and a broad decline in regional and global equities convinced investors to cash in recent gains ahead of what is likely to be an unpredictable quarterly earnings season.

Emaar has fallen 19.3 percent since announcing on June 28 that it plans to merge with three real units of Dubai Holding, which is owned by Dubai's ruler.

Abu Dhabi's benchmark closed lower for the third session running as banks and telecoms weighed.

But the five most-traded stocks advanced, with Aldar Properties the pick, after rising 4.5 percent.

Arkan Building Materials fell 6.4 percent on slight volumes.

National Bank of Abu Dhabi and Emirates Telecommunications Corp (Etisalat) were the biggest drags on the index, falling 0.4 and 0.6 percent respectively.

The measure dropped 0.3 percent to 2,618 points.

Kuwait's benchmark closed lower for a third trading day as declining oil prices and worries over potential bank exposure to two troubled Saudi conglomerates weighed on sentiment.

The index fell 0.4 percent to 7,635 points, a fresh eight-week low. Commercial Bank dropped 2 percent, Boubyan Bank fell 2.9 percent and Al Ahli Bank lost 4 percent. Qatar's index made its largest one-day decline for three weeks as all 20 stocks fell.

The index dropped 2.7 percent to 6,114 points, its lowest close since May 5.

Industries Qatar lost 3.3 percent and Qatar Gas Transport Co (Nakilat) dropped 4.4 percent.

Banks also suffered, with Qatar Islamic Bank and Doha Bank falling 2.2 and 3.3 percent respectively.

Bahrain's measure also ended lower, falling 0.1 percent to 1,570 points, its third straight loss.

Muscat's index ended lower for the third session running as steel and telecoms stocks weighed.

The benchmark fell 1.1 percent to 5,610 points, its largest one-day decline in two weeks.

Oman Telecommunications (Omantel) dropped 1.1 percent and Jazeera Steel lost 7 percent. Losers outnumbered gainers 17 to 10, but banks supported. Bank Muscat and Bank Dhofar rose 0.7 and 1.9 percent respectively.

Jazeera Steel was the biggest loser. The firm fell 5.5 percent. Metals prices were near two-week lows as investors worried a global economic recovery would be slower than expected, reducing demand for commodities.

Oman Cables Industry dropped 4.6 percent and Galfar Engineering lost 3.7 percent, with traders fearing both companies would be hit by slowing economic activity and a fall in oil prices.

Oman's index fell 1.2 percent to 5,603 points as losers outnumber gainers 26 to two.

Saudi Arabia's index ended higher after rebounding from a key support level.

The benchmark climbed 0.9 percent to 5,458 points. Saudi Basic Industries Corp (SABIC) rose 2.6 percent, bolstered by a slight recovery in oil prices after four days of declines.

Rabigh Refining and Petrochemical Co added 2.3 percent. (Reuters)

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