Business | Markets
Abu Dhabi advances as Dubai ends lower
Dubai's benchmark edged lower 0.08 per cent to 5,431.87 as Emirates NBD fell 0.91 per cent.
- Reuters
- Published: 00:28 April 10, 2008
Dubai: Dubai's benchmark edged lower 0.08 per cent to 5,431.87 as Emirates NBD fell 0.91 per cent.
Arabtec Holding posted its biggest one-day gain in almost three months after the firm won an $817 million contract to build almost 2,300 houses in Dubai. Arabtec, in which foreign investors can own up to 49 per cent, surged 7.38 per cent, its biggest rise since January 15, to end at Dh13.10.
Abu Dhabi shares, which have risen in all but one of the last six trading days, advanced on etisalat, which said it planned to make an acquisition in India before the summer.
The index rose 0.92 per cent to 4,804.18.
etisalat gained 1.67 per cent after its chairman said it was in talks with several Indian telecom firms about entering the second-largest mobile phone market.
Arabtec Holding trades at 9.76 times expected 2007 earnings, below the real estate and construction sector average of 11.72 times, according to Reuters data.
"If you look at the Dubai market, if you want exposure to the construction sector there is nothing but Arabtec," said Amr Diab, head of sales at EFG-Hermes in Dubai. "The only thing holding Arabtec back is that it has reached its foreign ownership limit."
Gulf markets
In other Gulf markets, Qatar's index rose 1.56 per cent to 10,236.37, extended gains into a seventh trading day as investors bought into banks on expectations lenders in the world's largest exporter of liquefied natural gas will post strong results.
Saudi Arabia's Tadawul index, the Gulf's worst performer this year, gained 0.83 per cent to 9,501.72, led by Samba Financial Group and Saudi Arabian Fertilisers.
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