UAE stock markets rise

Dubai: The Abu Dhabi Securities Exchange rose 1.48 per cent to close at 2,907.54, its third daily gain. The benchmark was helped by the banking sector that rose 1.95 per cent.

The construction and industrial sectors also boosted the index, adding 1.62 per cent and 5.34 per cent, respectively.

Aldar led the surge, gaining 2.82 per cent to Dh5.46, with Sorouh Real Estate following at 3.31 per cent to Dh3.12. Dana Gas rose 1.90 per cent to Dh1.07, and Rak Properties advanced 1.47 per cent to Dh0.69.

National Marine Dredging Company made the strongest gain, surging 10 per cent to Dh8.03, after winning a Dh1.5 billion contract to build a canal in the UAE's capital awarded by the Abu Dhabi Urban Planning Council.

The 63.5km Mussafah canal is due to be completed in June 2010, NMDC chairman Mohammad Thani Murshid Al Rumaithi said.

Methaq also rose strongly, up 6.52 per cent to Dh4.41.

Qatar Telecommunications Company, Qtel, suffered the biggest loss, closing down 3.95 per cent at Dh146. Sudatel, Sudan's telecommunications company, also lost ground, closing 2.65 per cent lower at Dh3.67.

Meanwhile, the Dubai bourse jumped 1.8 per cent on Monday, its largest one-day gain since November 4. The benchmark closed at 2,112, recovering Sunday's losses.

The market was boosted by gold prices hitting a record $1,164.85 in Hong Kong as dealers stocked the metal in reaction to the weakening dollar.

Emaar rose 2.66 per cent to close at Dh4.25, and the DFM stock rose 4.25 per cent to Dh2.21. Union Properties rose 4.44 per cent to Dh0.94 and competitor Deyaar rose 2.9 per cent to Dh0.71.

Drake and Scull International jumped 3.09 per cent to Dh1 after acquiring an 83 per cent stake in Passavant-Roediger GmbH from Bilfinger Berger AG for Dh145 million ($39.48 million). The company posted Dh71 million in third quarter net profits.

The highest gains were staged by Dar Takaful, surging 6.09 per cent to Dh2.09, and the greatest loss was suffered by Shuaa, closing down 3.24 per cent.

Emirates NBD rose 1.3 per cent a day after its chief executive said the lender had exposure of up to $350 million to two Saudi conglomerates now restructuring their debts.