UAE stocks post gains for second straight session

Abu Dhabi: UAE stocks continued their winning streak for the second consecutive session, with more than Dh2.72 billion worth of shares traded. The Emirates Securities general index advanced 0.65 per cent, after marg-inal gains recorded in Dubai and Abu Dhabi, where some of the blue chips ended the session in the red. In Dubai, the general index advanced 0.78 per cent to 5,515.74 on relatively heavy trading where Dh1.49 billion worth of transactions were executed. The Dubai Financial Market (DFM) was the heaviest traded stock, advancing 2.12 per cent to Dh5.29. Emaar Properties, however, fell 0.46 per cent to Dh11.10. The real estate developer announced a decline in its first quarter revenue. Deyaar Development, the real estate arm of Dubai Islamic Bank, retreated as well 1.26 per cent to Dh2.35. The gainers list included Tamweel which advanced 1.92 per cent to Dh7.46 and Arabtec which gained 3.24 per cent to close at Dh14.35. The general index of the Abu Dhabi Securities Market (ADSM) advanced 0.51 per cent to 4,877.67 with Dh1.23 billion worth of shares traded. The rally in the real estate and energy sectors resumed with Aldar Properties up 1.39 per cent to Dh10.95, closing to the Dh11 mark. Dana Gas rose 2.45 per cent to Dh2.08. The National Bank of Abu Dhabi dropped 0.73 per cent to Dh20.30, while etisalat stood unchanged at Dh21.90. Overall, the Emirates Securities general index inched closer to its value on December 31, 2007, recording only 0.37 per cent worth of losses since the beginning of the year, while the market capitalisation exceeded the Dh834 billion level. Other markets Qatar’s benchmark index ended up for a 12th straight session, led by Industries Qatar and Qatar Gas Transport, which each finished 5.44 per cent and 4.17 per cent higher. The index advanced 1.25 per cent to 111,151.10. Saudi Arabia’s main index closed higher, boosted by first-quarter earnings of banks, including Samba Financial Group and SABB. The index gained 1.13 per cent to 9,630.37 as Samba jumped 7.89 per cent and SABB 7.03 per cent. Oman’s main index closed above 11,000 for the first time, driven by Oman National Investment and Omantel, which jumped 9.1 per cent and 1.5 per cent respectively. The index rose 0.68 per cent to 11,034.53. In Kuwait, Zain and Kuwait Finance House ended up 1.06 per cent and 1.32 per cent respectively. The benchmark index advanced 0.36 per cent to 14,741.00 points. Bahrain’s benchmark index rose for a second day , advancing 0.7 per cent to 2,843.01. By Ahmed A. Elewa, Senior Reporter Source: