Emaar helps Dubai index hold gains

SAUDI ARABIA’S TADAWUL INDEX LEADS REGIONAL LOSSES WITH 1% DECLINE

The Dubai index yesterday held on to gains registered in the past few sessions along with shares of Emaar Properties, among others.

The Dubai Financial Market General Index closed 0.18 per cent lower at 2,931.59. Emaar Properties closed 0.58 per cent higher at Dh5.19. Arabtec closed more than 3 per cent higher at Dh1.91. Dubai Islamic Bank rights traded at $1.63, down more than 10 per cent.

“Dubai Islamic’s rights issue trading could create movement in the market especially that the bank’s recent earnings were impressive and could shed light on to its potential with a larger capital,” Menacorp said in a morning note.

Dubai Islamic Bank closed more than 1 per cent lower at Dh4.83.

Emaar Development closed 0.18 per cent higher at Dh5.57 after the MSCI decided to add the stock to its emerging market index by the end of this month.

“The decision moved Emaar Developments upwards as it did its mother company, thus lifting the index higher with some help from Dubai Investments, which rebounded from twoyear lows,” Menacorp said.

DFM shares closed 1.61 per cent higher at Dh1.01. Drake and Scull International closed 0.83 per cent lower at Dh1.19. Traded value hit Dh300 million.

The Abu Dhabi Securities Exchange general index closed 0.07 per cent lower at 4,467.43. Union National Bank closed 3.38 per cent higher at Dh3.67. Abu Dhabi Islamic Bank closed 1.33 per cent higher at Dh3.82. Waha Capital closed half a per cent higher at Dh1.73.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul AllShare index closed more than a per cent lower at 7,958.47.

Dar Alarkan Real Estate Development Co. closed 5.58 per cent lower at 11.16 riyals. Alinma Bank closed 1.42 per cent lower at 20.20 riyals. Saudi Kayan Petrochemical Co. closed more than 2 per cent lower at 13.80 riyals.

The Muscat MSM 30 index closed at 4,653.78, down 0.66 per cent.