UAE equities end mixed

Dubai: UAE stocks witnessed a mixed fare on Monday with Dubai gaining and Abu Dhabi declining.

The Dubai benchmark index gained 0.24 per cent to 5,657.17. Dubai Islamic Bank and Dubai Financial Market rose 2.33 per cent and 1.06 per cent respectively.

The Abu Dhabi measure ended down 0.33 per cent at 4,965.85. Emirates Telecommunications and Abu Dhabi Commercial Bank shed 0.7 per cent and 4.23 per cent respectively.

"There is a bit of profit taking across the Gulf," Alfred Fayek, who helps manage $2 billion for EFG-Hermes Holding, said in a telephone interview.

"Trading volumes are falling as we head toward the summer and in the absence of major news as companies have already announced earnings.''

Gulf stocks

Elsewhere in the Gulf, Qatar's main index closed up 0.41 per cent at 12,089.47 after hitting its highest level since November 10, 2005, during the session. Shares of Industries Qatar and Qatar Gas Transport (Nakilat) gained 1.51 and 1.4 per cent respectively.

"Since the market has broken the 12,000 points resistance level, it has been given a push that's continuing now," said Samer Al Jaouni, general manager at Middle East Financial Brokerage.

Saudi Arabia's main index ended lower for the third consecutive session, shedding 0.16 per cent to 9,630.65, and is down more than 12 per cent this year to yesterday's close.

Banque Saudi Fransi and Samba Financial Group declined 4.95 per cent and 1.06 per cent respectively.

Savola Group edged up 0.68 per cent after the firm said it planned to spend at least $100 million to buy stakes in agribusiness firms in Ukraine, Brazil or Egypt to secure sugar and edible oil supply.

The Kuwaiti index rose 0.10 per cent to 14,835.70. Shares of Agility ended up 2.11 per cent a day after the stock exchange cancelled all trading on its shares following a stock price calculation error. Kuwait Finance House and National Industries Group climbed 0.69 per cent and 1.49 per cent respectively.

The Omani index slipped 0.33 per cent to 11,354.09, but it is the best performer in the Gulf Arab region this year, having gained more than 25 per cent to yesterday's close.

Shares of Omantel and Renaissance Services shed 0.74 per cent and 1.55 per cent respectively. Bahrain's benchmark edged up 0.7 per cent to 2,869.98. Ahli United Bank added 2.33 per cent.