[2008-06-24]  Dubai shares decline, Qatar index advances Discuss
Dubai shares fell, led by Emaar Properties PJSC, the Middle Easts biggest publicly traded real-estate developer, and Dubai Islamic Bank PJSC. Qatars index rose.

The Dubai Financial Market General Index lost 1.4 per cent, the biggest drop in almost a week, to 5,521.93. The Abu Dhabi Securities Exchange General Index fell less than 0.1 per cent. Emaar declined 1.8 per cent to Dh11. Dubai Islamic Bank, the UAEs biggest bank, dropped 2.7 per cent to Dh8.25. In Qatar, the Doha Securities Market index added 0.2 per cent to 12,294.45. Qatar Telecom QSC gained 1.4 per cent to 192.7 riyals. The countrys monopoly phone company said its new Internet unit began offering broadband wireless services in Jordan.

In Saudi Arabia, the Tadawul All Share Index declined 0.1 per cent to 9,790.65 at 2:01 pm local time. The Kuwait Stock Exchange Index gained 0.1 per cent, while the Muscat Securities Market 30 Index added 0.4 per cent. The Bahrain All Share Index lost less than 0.1 per cent.

Ajman Bank PJSC slumped 15 per cent to Dh3.37 on its second trading day. The stock almost quadrupled on its debut on the Dubai Financial Market yesterday. Al-Enmaa Real Estate Co. gained 1.8 per cent to 280 fils. The Kuwaiti property investment firm bought two land plots in the Seef business district in Bahrain for 9.8 million dinars ($26 million). Ithmaar Bank BSC rose 1.5 per cent to $0.70. The Bahraini Islamic investment bank with about $2 billion under

management was rated overweight with a price estimate of $0.92 in new coverage at SICO. United Gulf Bank BSC (UGB BI) declined 1.2 percent to 0.752 dinar. Bahrains third-biggest lender by market value borrowed $115 million from a group of five banks for general corporate finance use.

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