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Tue 15 Sep 2009 10:25 AM

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UAE bourses close higher

UPDATE 8: Bluechips help push Dubai 1.8% up to 2,029 points, while Abu Dhabi edges 0.2% higher.

Dubai's bluechip stocks helped push the main index 1.8 percent higher to 2,029 points.

Emirates NBD

gained 4 percent, while
Emaar Properties

climbed 2.9 percent.

DP World

rose 3.6 percent, after saying it is not in stake sale talks. Abu Dhabi's bourse edged 0.2 percent higher to 3,001 points.
Union National Bank

and
Abu Dhabi Commercial Bank

gained 5.4 percent and 5.9 percent respectively.

Banks weighed on Qatar's index, which closed 0.4 lower at 7,046 points.

Qatar National Bank

fell 1 percent, while
Masraf Al Rayan

dropped 0.8 percent.

Bahrain's benchmark edged 0.1 percent higher to 1,522 points.

United Gulf Bank

soared 6.7 percent.

Kuwait's bourse ended 0.5 percent higher, despite
Zain

dropping 3.1 percent.

Oman's benchmark gained 0.7 percent to 6,601 points amid bullish sentiment but thin volumes.

Most stocks ended higher, but gains were partly offset by heavyweights
Bank Muscat

and
Omantel

which both dropped 0.8 percent.

In Abu Dhabi, the index edged 0.3 percent higher to 3,004 points.
Aabar

was among the strongest stocks, rising 1.2 percent.

First Gulf Bank

retreated 0.9 percent, the only decliner on the index in early trading.

Saudi Electric rose 2 percent, pushing Saudi Arabia's index higher for a fourth trading day in a row.

State-controlled Saudi Electric has been granted another 10-year reprieve on paying dividends to the government.

The renewal will save the company hundreds of millions of riyals per year.

The kingdom's benchmark climbed 0.6 percent to 5,857 points.

Al Rajhi Bank fell 0.7 percent. (Reuters)

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