Business | Markets

Abu Dhabi dips, Dubai gains as fourth-quarter earnings worry investors

Markets in Abu Dhabi and Dubai closed mixed as economic uncertainty and fears over fourth-quarter earnings continue to worry investors.

  • Agencies
  • Published: 15:15 January 22, 2009
  • Gulf News

Dubai: Markets in Abu Dhabi and Dubai closed mixed as economic uncertainty and fears over fourth-quarter earnings continue to worry investors.

Abu Dhabi's index extended losses into a sixth session led by Abu Dhabi Commercial Bank and Aldar Properties, which fell 8.22 per cent and 5.7 per cent respectively.

The index ended 1.22 per cent lower to 2,136 points.

Dubai's main benchmark gained 0.73 per cent closing at 1,472 points, led by Emirates NBD and Emaar properties, which closed 3.68 per cent and 1.08 per cent higher.

Bahrain's index slipped 0.57 per cent after Ahli United Bank tumbled 9.09 per cent.

Shares of Industries Qatar and Qatar National Bank lifted Doha's index higher for the first time in 10 sessions, while National Bank of Kuwait extended Kuwait's declines into a sixth session.

Industries Qatar and Qatar National end 3.13 per cent and 5.76 per cent respectively as investors look for quick profits after nine days of sharp declines.

The index rose 4.91 per cent to 4,815 points.

In Kuwait, National Bank of Kuwait fell 4.65 per cent and Kuwait Finance House slipped 3.3 per cent, pushing the index 1.54 per cent down to 6,496 points.

Shares of Oman Telecommunications Co and Bank Muscat lifted Oman's main index 4.3 per cent higher as investors speculate in anticipation of a government stock market stabilisation fund.

Omantel and Bank Muscat ended 9.98 per cent and 8.5 percent higher, lifting the index to 4,405 points.

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