Abu Dhabi shares slip as Dubai benchmark edges higher

Dubai : Abu Dhabi's main index ended lower on Monday, paced by Emirates Telecommunications Corp. (Etisalat). Shares of etisalat fell 0.72 per cent. The index ended down 0.07 per cent to 5,107.98 points.

Shares of Dubai Investment Co. and Union Properties drove Dubai to a higher close. Dubai Investment and Union Properties ended up 0.71 per cent and 1.15 per cent respectively. The Dubai benchmark gained 0.03 per cent to 5,794.98 points.

"The markets in Dubai and Abu Dhabi are trying to consolidate at the moment... this may continue for the rest of the week," says Mohammad Yasin, managing director at Shuaa Securities.

Shares of Saudi Basic Industries Corp and Petrochemical led the main index to a higher close.

Sabic and PetroRabigh ended up 2.75 per cent and 6.28 per cent respectively. The benchmark closed 0.41 per cent higher at 9,777.04 points. "The market is rebounding, and moving higher driven by retail stocks, and that is why it is rising slowly," said Marwan Shurrab, senior trader at Shuaa Capital.

Qatar's main index ended up, helped by gains in Qatar Islamic Bank and Qatar International Islamic Bank. Qatar Islamic Bank and Qatar International Islamic Bank rose 4.8 per cent and 7.62 per cent respectively, pushing the measure up 1.36 per cent to 12,456.53 points.

Shares of Agility lifted Kuwait to a higher close. Kuwait's index ended up 0.13 per cent to 15,308.90, paced mainly by a 1.50 per cent rise in Agility's shares.

The Kuwaiti logistics firm Agility said yesterday one of its units won three contracts worth $7.67 million to operate fuel facilities at US Air Force bases in Europe.

Shares of Bank Dhofar and Bank Muscat dragged Oman's index to a lower close for a second trading day. Bank Dhofar and Bank Muscat fell 5.57 per cent and 0.53 per cent. The benchmark ended down 0.55 per cent at 11,941.63 points.