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