Business | Markets

Bank and real estate stocks led Gulf market gains

Gulf bourses rose on Thursday after coordinated global interest rate cuts shored up international markets.

  • Agencies
  • Published: 18:44 October 9, 2008
  • Gulf News

  • Abu Dhabi's Aldar Properties and Sorouh Real Estate rose 3.6 per cent and 3.2 per cent respectively.
  • Image Credit: Abdul Rahman/Gulf News

Dubai: Gulf bourses rose on Thursday after coordinated global interest rate cuts shored up international markets.

Bank and real estate stocks led most market gains.

Oman's main index posted big gains. Bank Muscat and National Bank of Oman ended 8.97 per cent and 9.57 per cent higher respectively, while Oman Cables Co ended 9.63 per cent higher.

Kuwait's main index closed nearly 4 per cent higher after the Central Bank of Kuwait on Thursday offered short-term funds to improve confidence in the banking system, bankers said, a day after it cut the key discount rate by 125 basis points to 4.50 per cent.

Shares in Mobile Telecommunications Co (Zain) ended 9.43 per cent higher, while National Bank of Kuwait and Kuwait Finance House closed 5.81 per cent and 5.15 per cent higher respectively.

In Dubai, Emaar Properties ended 3.6 per cent higher, a day after closing at a four-year low, and construction firm Arabtec ended up 13 per cent. The benchmark index closed 3.67 per cent higher.

Abu Dhabi's Aldar Properties and Sorouh Real Estate rose 3.6 per cent and 3.2 per cent respectively.

Aldar shares surged after newspapers quoted its CEO as saying the company was considering to buy back shares.

Abu Dhabi's benchmark rose nearly one per cent.

  • Rate this article
  • Average reader rating (0 votes) 0 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

Related Articles

  1. UAE markets close on a winning note

    UAE markets close on a winning note

    UAE markets close on a winning note

  2. UAE cuts rate to join peers

    UAE Central Bank cuts repo rate to 1.5 per cent, matching Fed move

  3. Gulf stock markets rise

    Gulf shares rise, led by Omantel and Commercial Bank of Kuwait

  4. Central Bank of Bahrain cuts interest rate

    Central Bank of Bahrain cuts interest rate by 25 basis points

  5. Stocks rebound in Europe and Asia

    Stocks rebound in Europe and Asia and US index futures rise

  6. Dubai airport, Emirates CEOs shrug off global crisis amid rapid expansion plans

    Dubai airport, Emirates CEOs shrug off global crisis amid rapid expansion plans

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. Dubai joins big league of global financial hubs

All articles in Markets

More from Business

Gulf News
Popular in Business
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold

Business Editor's choice