[2008-04-23]  Gulf markets close mixed
Gulf markets ended mixed with Dubai leading risers, despite the probe into allegations of fraud by Deyaar’s former chief executive officer. Saudi shares closed up 0.6% to 9692.96. Saudi Telecommunications Co closed up 0.8% to 66 riyals. STC, which is considering new opportunities for overseas expansion, will inaugurate its operations in Indonesia Tuesday.

Saudi Basic Industries Corp (Sabic), shares fell 0.7% to 151.75 riyals. Dubai shares ended up 1% to 5777.10. Arabtec is a top gainer, rising 5.1% to 15.60 dirhams. Emaar Properties was most active, gaining 2.6% to 11.90 dirhams.

“Investors have been buying up Emaar for a few sessions. I expect a disclosure to be released by the company in the coming days,” said Ayman El Saheb, director of operations, Darahem Financial Brokerage. Deyaar fell 0.8% to 2.35 dirhams.

Abu Dhabi shares ended up 0.4% to 5013.88. Abu Dhabi Commercial Bank was most active, rising 6.4% to 7.08 dirhams.

Kuwait shares closed down 0.2% to 14752.8. Aref Energy led losers, falling 6.8% to 0.275 dirhams. Real estate shares led gains with Alargan International gaining 3.2% to 0.650 dirhams. The Bahrain market closed down 0.5% to 2832.43, led by investment firms. Muscat shares slightly fell to 11196.18, undermined by industrial shares.

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