[2008-05-09]  Abu Dhabi leads Gulf gainers
Abu Dhabi shares led Gulf gainers yesterday with Kuwait’s market hitting a new all-time high. Dubai and Muscat’s stocks closed in the red.
Dubai market closed down 0.5% to 5829.88, undermined by Dubai Islamic Bank, down 1.7% to 9.20 dirhams.
The market is down almost 2% this year to date, trading at a price to earnings, or P/E ratio, of about 18, according to Zawya.com.
Deyaar Development Co slipped 2.1% to 2.32 dirhams.
The company said on Wednesday it canceled a deal to develop projects with India’s Ansal Properties & Infrastructure.
Abu Dhabi shares closed up 0.6% to 5034.90, led by Etisalat, up 1.4% to 21.50 dirhams, and Abu Dhabi National Energy Co, (Taqa), up 2.3% to 3.60 dirhams.
The market is up 11% this year to date, trading at a P/E ratio of about 15.
Kuwait shares in the second largest Gulf market edged up to close at 15057.70, led by bellwether Zain, up 1.2% to 1.760 dinars.
The market closed at a new all-time high, up 20% this year to date. It is among the most attractively valued Gulf markets, trading at a P/E ratio of 14.
Bahrain shares were up 0.3% to 2814.44 at close, led by banks. The market is up 2% this year to date, trading at a P/E ratio of 11.5.
The Muscat stock market closed down 0.7% to 11324.39, undermined by banks.
The Saudi market was closed for the weekend. It closed on Wednesday down 1.6% to 9771.85.









Source: © Gulf Times Newspaper, 2008