Kuwait, Qatar, UAE close higher; Oman, Bahrain end low

UPDATE 3: Most Arab bourses rise on US making headway on stimulus package.
Kuwait, Qatar, UAE close higher; Oman, Bahrain end low
By Jason Benham
Thu 29 Jan 2009 10:46 AM

Most Gulf Arab bourses rose, tracking global markets as investors draw confidence from the US making headway on an $825 billion stimulus spending package to stem the global financial crisis.

Sorouh Real Estate ended 3.68 percent lower after its fourth-quarter profit fell 90 percent, well below analyst forecasts.

The index ADI eased 0.2 percent to 2,255 points.

National Bank of Abu Dhabi declined 1.63 percent.

Aldar Properties ended 1.59 percent higher after it posted an 84.9 percent fall in fourth-quarter net profit.

The company's full-year profit rose 77.3 percent.

Dubai's benchmark DFMGI ended 1.05 percent lower at 1,520 points, led by Emaar Properties which fell 3.45 percent to 1.96 dirhams. UBS cut Emaar's price target to 2.30 dirhams from 3.50 dirhams it said in a research note.

Kuwait Finance House said it posted a loss of $219 million in the fourth quarter.

Abyaar Real Estate ended 10 percent higher after it said it received fresh loans for real estate projects while Agility rose 8.06 percent after it bought a logistics firm in Finland for 2.25 million euros.

The benchmark ended at 6,764 points.

Qatar's benchmark QSI ended 0.86 percent higher at 5,253 points led by Qatar Islamic Bank, which advanced 1.53 percent.

Bahrain's index fell 1.43 percent to 1,654 points led by Ahli United Bank which declined 8.16 percent.

Muscat's benchmark MSI was off 0.74 percent at 4,851 points.

"There is uncertainty around the fund launched by the government. They keep postponing it," he said.

Gulf Finance House edged down 0.04 percent after Gulf Finance House posted a $10 million loss in the fourth quarter.

Oman's benchmark MSI ended 1.53 percent lower led by Oman

Oil which fell 6.12 percent and Bank Muscat which declined 2.47 percent.

The bourse fell for a second trading day and ends at 4,813 points. (Reuters)

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