[2008-05-23]  UAE shares advance led by Emaar and Emirates NBD
UAE shares advanced, led by Emirates NBD PJSC, the country's biggest bank by assets, and Emaar Properties PJSC. Doha's index fell.

The Dubai Financial Market General Index increased 1.4 per cent to 5,696.61, ending a two-day decline, while Abu Dhabi Securities Exchange General Index rose 1.2 per cent to 4,961.14.

Emaar Properties, the Middle East's biggest developer, gained 1.8 per cent to Dh11.5. Emirates NBD rose 1.7 per cent to Dh12.1.

In neighbouring Abu Dhabi, Emirates Telecommunications Corp., the second-largest Arab phone company by market value, rose 0.5 per cent to Dh20.85.

"The economic outlook is good in the region with record crude oil prices," Faisal Hasan, head of research at Global Investment House, said in a telephone interview yesterday. Crude oil rose to a record above $135 a barrel in New York.

The economy of the UAE will grow by 7.2 per cent in 2008, while Saudi Arabia's will expand 4.9 per cent, according to the median estimate of seven economists polled by Bloomberg in December. Oil and gas revenue made up 50 per cent of Saudi Arabia's gross domestic product in 2007.

DSM 20

In Doha, the DSM 20 Index declined 2 per cent to 11,970.83, led by Commercial Bank of Qatar QSC and Industries Qatar, before the listing of Gulf International Services QSC, a former unit of state-owned Qatar Petro-leum, on May 26.

"Investors want extra cash to trade that day," Amro Motasim, head broker at Al-Ahli Bank of Qatar, said in a phone interview from Doha yesterday.

Qatar Petroleum sold shares in Gulf International in a February priced at 21 riyals ($5.77) a share. Gulf International Services comprises Al Koot Insurance and Reinsurance, Gulf Drilling International and Gulf Helicopter Company.

Commercial Bank of Qatar dropped 4.8 per cent to 161.2 riyals, a second day of declines. The Persian Gulf country's second-largest bank on May 20 received approval for the sale of 24 million shares to existing shareholders and to sell global depositary receipts. Industries Qatar, the largest publicly traded company in the country, fell 2 per cent to 182.7 riyals.

The Kuwait Stock Exchange Index gained less than 0.1 per cent while Oman's Muscat Securities Market 30 Index advanced 0.6 per cent. The Bahrain All Share Index gained 0.2 per cent.



Source: © Al Nisr Publishing LLC 2007.