We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 26 Jan 2009 10:19 AM

Font Size

- Aa +

UAE, Qatar, Kuwait end up; Deyaar gains 6.25%

UPDATE 5: Banks lead gains on Abu Dhabi bourse; NBD surges above 9%.

Deyaar ended 6.25 percent higher, a day after posting a 59-percent rise in fourth-quarter profit, leading Dubai's index DFMGI up 1.08 percent to 1,504 points.

Emaar Properties advanced 2.14 percent.

Banks led gains on Abu Dhabi's benchmark ADI, with National Bank of Abu Dhabi surging 9.59 percent and Abu Dhabi Commercial Bank advancing 7.19 percent.

The emirate's index closed 0.35 percent higher at 2,196 points.

Industries Qatar and Qatar Islamic Bank led the country's index QSI to a higher close.

Industries Qatar climbed 1.82 percent and Qatar Islamic Bank 1.69 percent as the benchmark ends up 0.61 percent at 4,939 points, rising for a third trading day.

Kuwait's benchmark KWSE rose 0.94 percent to 6,568 points.

Zain and National Bank of Kuwait climbed 7.04 percent and 5.75 percent respectively.

"I think we are seeing the presence of the government fund in the market," says Jassem al-Zeraei, head trader at National Bank of Kuwait.

"Also the fact that parliament and government are working hand-in-hand is also creating positivity in the market."

Bahrain's bourse BAX ended 1.16 percent higher at 1,687 points.

Oman's benchmark MSI ended 5.31 percent higher led by Bank Muscat which rallied 10 percent.

"Bank Muscat's full-year profit was 97.7 million rials, 3.7 million more than expected," said Ajeev Gopinathan, analyst at Gulf Investment Services.

"Also they annouced dividends which was 20 percent cash."

The bank released preliminary results earlier in the month predicting net profit growth of over 90 million rials.

Oman Oil surged 9.93 percent.

"Overall market sentiment has improved. We saw tremendous falls in the first three weeks of the year," said Gopinathan.

The country's index ended at 4,880 points, rising for a third trading day.

Saudi Arabia's benchmark TASI ended lower after three days of gains led by Etihad Etisalat (Mobily) and Riyad Bank which fell 3.14 percent and 3.62 percent respectively.

The kingdom's index slid 0.77 percent to 4,772 points. (Reuters)

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.