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Thu 1 Jul 2010 09:14 AM

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UAE markets mixed, Emaar lifts Dubai

UPDATE 2: Oman's index MSI is the only bourse in the Gulf to close on a positive note.

UAE markets mixed, Emaar lifts Dubai
(Getty Images)

UAE markets end mixed, with Emirates Telecom weighing on Abu Dhabi, while Emaar Properties lifted Dubai's index DFM, as global concerns about the economic recovery dampened investors' appetite.

Dubai ended 0.6 percent higher to 1,470 points. Emaar gained 1.3 percent.

Abu Dhabi's bourse ADI ended 0.2 percent lower at 2,510 points, despite Aabar gaining 5.1 percent.

Agility ended 7.9 percent lower, slumping to its lowest close since August 2003 as nervy investors await further details on its US court case where it stands accused of defrauding the US army, weighing on Kuwait's index.

Agility fell for a sixth consecutive trading session.

Kuwait's index KWSE fell 1.7 percent to 6,432 points, its biggest decline for five weeks, with investors selling up after late June's end-of-quarter window dressing. This had helped support stocks as investors sought to boost the valuation of their portfolios.

Qatar's index QSI ended 0.8 percent lower at 6,846 points.

Banks were mixed in Qatar, despite a positive research note from Shuaa Capital.

"Although we acknowledge that private sector lending was slow during the first half of the year, we edge up our overall sector loans' growth forecasts from 13 percent to 16.0 percent for FY 2010," says Shuaa Capital.

"Beyond that, we expect private lending pickup to materialize along side persistent public credit demand."

Qatar National Bank fell 1 percent, but Masraf Al Rayan climbed 0.7 percent.

Oman's index MSI was the only bourse in the Gulf to close on a positive note, rising 0.2 percent to 6,072 points. (Reuters)

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