Dubai market dips, Abu Dhabi up on the last trading day of 2008

Dubai: Dubai stock market dips while Abu Dhabi rises on the last trading day of 2008, with both ending the year just above more than four-year lows.

Dubai is the Gulf region's biggest loser of the year, plunging 72.4 per cent.

Emaar fell 3 per cent on Wednesday and Union Properties 8.86 percent as the index ended 0.19 per cent lower at 1,636.29 points.

Abu Dhabi ended the year 47.5 per cent lower, rising 1.47 per cent to 2,390.01 points on Wednesday.

National Bank of Abu Dhabi surged 9.95 per cent and Abu Dhabi Commercial Bank 9.88 per cent.

The Kuwaiti benchmark fell 2.65 per cent to 7,782.60 points, its lowest close since March 2005. The index fell 35.4 per cent in 2008 during a regional stock market rout.

On Wednesday, Zain fell 5.62 per cent and National Bank of Kuwait 6.35 per cent.

Qatar's main measure rose 1.44 per cent to 6,886.12 points, led by Commercial Bank of Qatar's 3.27 per cent gain. The Doha index fell 28.1 per cent in 2008.

Bahrain's benchmark, meanwhile, retreats 0.83 per cent to 1,804.07 points, taking its total 2008 declines to 34.5 per cent.