Business | Markets

Abu Dhabi gains as bank shares rise

Shares of Dubai Investment and Dubai Financial Market weighed on Dubai's main index, which closed lower for the second day this week. The measure inched down 0.06 per cent to 5,723.06.

  • Reuters
  • Published: 00:03 June 12, 2008
  • Gulf News

Dubai: Shares of Dubai Investment and Dubai Financial Market weighed on Dubai's main index, which closed lower for the second day this week. The measure inched down 0.06 per cent to 5,723.06.

Dubai Investment slipped 1.63 per cent and Dubai Financial Market dropped 1.58 per cent.

Abu Dhabi shares gained for a second day, led by National Bank of Umm Al Quwain. First Gulf Bank also advanced.

The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 5,148.49. National Bank of Umm Al Quwain advanced 64 fils, or 9.8 per cent, to Dh7.17. First Gulf Bank climbed 40 fils, or 1.5 per cent, to Dh26.85, advancing for a third day.

"There is a realisation from foreign investors that high oil prices are good for the Gulf economies, while it is contributing to slower growth elsewhere," said Kamran Butt, head of Middle East equity research at Credit Suisse Group.

In Saudi Arabia, the Tadawul All Share Index fell 0.8 per cent to 9,688.45. The Doha Securities Market Index in Qatar gained 0.9 per cent to 12,627.32.

The Muscat Securities Market 30 Index rose 0.9 per cent to 12,109.1.

The Kuwaiti index closed lower for the first time in six trading sessions, led by Commercial Bank of Kuwait, which fell 1.33 per cent.

The index eased 0.04 per cent to 15,348.00 points.

  • Rate this article
  • Average reader rating (0 votes) 4 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Markets

  1. UAE stock markets gain

  2. Middle East stocks likely to remain range-bound

  3. DME pioneers Middle East crude benchmark

  4. DFSA: Achieving credibility through integrity

All articles in Markets

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice