By Matt Smith

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Dubai’s Drake & Scull closes at all-time high

UPDATE 5: DFM closes 1.4% higher at 2,297 points, outperforms all other GCC markets.

By Matt Smith

Shares in Dubai-based contractor
Drake & Scull

jumped 5.5 percent, leading the benchmark index DFM higher.

The stock recorded its highest close since listing on the Dubai bourse in March this year, following an announcement of a new contract award worth $109m in Abu Dhabi on Wednesday.

Dubai’s benchmark closed 1.4 percent higher at 2,297 points, outperforming all other Gulf Arab markets.

Qatar National Bank

declined 1.2 percent after its third-quarter profit fell 7.5 percent on Wednesday, and led the country’s index QSI to a lower close.

Qatar’s benchmark eased 0.2 percent to 7,582 points, falling for a second day.

Kuwait and Bahrain also ended lower.

Oman Cement Co

climbed two percent to lead gains on Oman’s index MSI.

The benchmark closed marginally higher, up 0.3 percent to 6,730 points. Oman’s index rose for fifth trading session in six. (Reuters)

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