Emirates NBD, Emaar push Dubai to seven-week high

UPDATE 10: Abu Dhabi index closes lower, as does Kuwait, Oman.
Emirates NBD, Emaar push Dubai to seven-week high
By Reuters
Mon 10 Aug 2009 10:20 AM

Emirates NBD and Emaar Properties advanced, lifting Dubai's index to a seven-week closing high.

Emirates NBD surged 4.9 percent to its highest finish since late June on trading volumes nine times its three-month daily average as international funds bought into the stock. Emaar climbed 2.2 percent to a six-week high. Dubai's index climbed 0.7 percent to 1,931 points.

"There's a bit of a hangover from yesterday, but this selling was overdone and Asian markets have been okay and oil is steady," said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

Abu Dhabi's benchmark fell 0.7 percent to 2,838 points, only its second reverse this month as the five most traded stocks declined. These included Dana Gas and RAK Properties, which each dropped 2.5 percent.

Kuwait's index ended lower for the first session in three as financial stocks weighed.

Kuwait Finance House dropped 1.6 percent, while Gulf Finance House dropped 4.6 percent, taking its losses to 7.2 percent since it announced plans to raise its capital by up to $500m.

National Industries Group plunged 5.1 percent.

Global Investment House reversed early losses to rise 1.6 percent, despite reporting a second-quarter loss of $101m.

The index fell 0.2 percent to 7,770 points.

Banks helped Qatar's index edge slightly higher, with Qatar Islamic Bank and Commercial Bank of Qatar each adding more than 1 percent.

The benchmark climbed 0.1 percent to 6,972 points, its seventh rise in eight trading days. Volumes fell to a five-session low.

Bahrain's measure edged up 0.04 percent to 1,525 points.

Oman's index closed lower, ending a six-session winning streak as traders booked profits from Sunday's eight-month high.

The blue chips were mixed, with Bank Muscat rising 0.5 percent and Oman International Bank losing 1 percent. The benchmark fell 0.4 percent to 6,124 points.

The smaller cap stock broadly retreated and attracted the bulk of volumes, showing retail investors dominate overall trading, with institutions typically only trading the big names.

Oman Investment and Finance Co (OFC) dropped 3.7 percent and accounted for more than a seventh of all shares changing hands. It was up 24 percent this month to Sunday's close.

Saudi Basic Industries Corp (SABIC) surged to a nine-month closing high after the firm signed a letter of intent with Japan's Mitsubishi Rayon to set up a joint venture at an estimated cost of $1 billion.

SABIC rose 6.1 percent to trade last at 74 riyals, its highest finish since Nov. 4. Al-Rajhi Bank climbed 4.5 percent.

Saudi Arabia's index closed 1.9 percent higher at 5,887 points. (Reuters)

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