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Real estate shares drive Dubai index up
Dubai's main index ended up 1.57 per cent at 1,771 points, led higher by real estate shares, which rose as local investors take heart from a rally in global stocks.
- Agencies
- Published: 15:15 January 7, 2009
Dubai: Dubai's main index ended up 1.57 per cent at 1,771 points, led higher by real estate shares, which rose as local investors take heart from a rally in global stocks.
Emaar Properties climbed 3.16 per cent and Union Properties 3.8 per cent. Emaar shares fell more than 84 per cent in 2008 as a building boom in Dubai began to unravel.
Bucking the trend is Arabtec Holding, which ended 7.26 per cent lower after the construction firm lost a $1.3 billion contract to build a race course. The stock tumbled nearly 10 per cent in the previous session.
World stocks extend gains on Wednesday, extending a recent rally into an tenth trading day.
In Abu Dhabi, the index edged down 0.56 per cent to 2,541 points, led lower by bank stocks.
National Bank of Abu Dhabi lost 3.37 per cent after its chairman resigns.
Qatar's bourse closed lower for a third trading day on local and foreign selling pressure following a rally last month, while Kuwait's index declined for the eighth time in nine trading days, steered by banks.
The Doha index, which retreated more than 7 per cent in the last two trading days, fell another 2.42 per cent to 6,292 points. The measure rose more than 13 per cent in December, spurred by buying among local investment funds which has now stopped.
Commercial Bank of Qatar shed 5.21 per cent and Industries Qatar 3.9 per cent.
In Kuwait, the benchmark retreated 0.95 per cent to 7,428 points. Kuwait Finance House shed 7.46 per cent and Commercial Bank of Kuwait 1.75 per cent.
Some funds are buying blue chips selectively, he added. Mobile Telecommunications Co jumped 6.33 per cent.
Oman's main index closed higher after two days of declines, led by banks.
The index, which fell 4.6 per cent in the last two trading days, edges up 0.35 per cent to 5,462 points.
Bank Muscat rose 1.86 per cent and National Bank of Oman 0.55 per cent.
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