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DFM slips but Abu Dhabi benchmark edges higher

UAE markets recorded a mixed performance yesterday.

  • Reuters
  • Published: 00:31 April 24, 2008
  • Gulf News

Dubai: UAE markets recorded a mixed performance yesterday.

Dubai's index snapped a six-day winning streak led by Emaar Properties and Dubai Islamic Bank.

Emaar and Dubai Islamic Bank fell 1.68 per cent and 1.75 per cent respectively, pulling the index down 1.2 per cent to 5,707.54.

The Abu Dhabi benchmark edged higher for a second day, gaining 0.03 per cent to 5,015.48, its highest close since January 2006. Shares of Aldar Properties and Sorouh Real Estate climbed 0.44 per cent and 0.31 per cent respectively.

Shares of Depa slipped below their initial public offering price on the first day of trading on the Dubai International Financial Exchange (DIFX).

Depa, which raised $432 million in an initial public offering, fell 1.29 per cent to $1.53 a share. It sold shares for $1.55 per share in an offering that ended this month.

"People are still nervous about shares listed on the DIFX because it's a new trading system and they have concerns about liquidity," said Hashem Montasser, head of asset management at EFG-Hermes.

In Qatar the Doha index extended gains as Qatar Telecommunications and Qatar Gas Transport Co jumped.

Arabia Riyad Bank and SABB Bank lift Saudi Arabia's main benchmark to a higher close, extending the benchmark's rally into a fourth day. SABB surged 3.46 per cent and Riyad Bank ended up 3.41 per cent.

The index, which is down more than 12 per cent this year, closed 0.63 per cent higher at 9,754.10.

Bahrain's main index snapped three days of losses as banks led gains.

Gulf Finance House rose 3.5 per cent and Bank of Bahrain and Kuwait closed 2.9 per cent up, pulling Bahrain's measure up 0.27 per cent to 2,840.06.

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