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Tue 3 Feb 2009 10:56 AM

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Real estate stocks drag UAE bourses; Saudi edges higher

UPDATE 5: Banks and real estate stocks weigh on UAE markets on Tuesday.

It was a mixed day for the Gulf Arab bourses today, with UAE, Qatar, Oman and Bahrain's benchmark indices ending in red. The Kuwaiti government's proposed plan to boost the economy buoyed the country's stock markets.

Here's a look at how some of the benchmark Arab Gulf bourse indices fared on Tuesday: UAE:

Shares in port operator DP World fell 8.33 percent to trade at $0.22 on the NASDAQ Dubai.

Moody's Investors Service said on Monday it was considering downgrading its debt ratings of six Dubai companies, including DP World.

DP World shares continue to trade at their lowest level since listing over one year ago. The stock also hit a low of $0.22 on Monday.

At its IPO in November 2007, shares floated at $1.30 per share.

Banks and real estate stocks weighed on UAE markets with National Bank of Abu Dhabi ending 5.49 percent lower and Dubai's Emaar Properties falling 5.85 percent.

National Bank of Abu Dhabi falls after posting a 34 percent decline in fourth quarter profit on Monday.

Sorouh Real Estate declined 7.78 percent as Abu Dhabi's index ADI ended 2.2 percent lower at 2,145 points.

Emaar fell after Moody's Investors Service said on Monday it was considering downgrading its debt ratings of six Dubai companies, including Emaar.

Dubai's benchmark DFMGI declined 1.26 percent to 1,454 points.

Kuwait:

Kuwait's benchmark KWSE ended higher boosted by the government's initial approval for a plan to shore up confidence in the economy and protect its financial sector. Qatar and Bahrain both fell.

Kuwait's index climbed 1.89 percent to 6,957 points.

Kuwait Finance House ended five percent higher and National Bank of Kuwait advanced 5.26 percent.

Qatar:

Qatar's benchmark QSI eased 1.08 percent to 5,012 points led by Industries Qatar and Barwa Real Estate which fell 2.13 percent and 3.72 percent respectively.

Saudi Arabia:

Saudi Arabia's index TASI edged higher in early trading led by banking shares.

Al Rajhi Bank advanced 1.36 percent and Saudi British Bank climbed 4.56 percent.

The kingdom's benchmark TASI rose 0.47 percent to 4,752 points.

Oman:

Oman Cables Industry lost 9.8 percent and Galfar Engineering and Contracting Co fell 9.85 percent, leading Oman's index MSI to a lower close.

Muscat's benchmark MSI declined 1.97 percent to 4,689 points.

Bahrain'sindex BAX ended 0.7 percent lower at 1,632 points. (Reuters)

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