DP World shares soared on the NASDAQ Dubai yesterday on higher earnings in the first half of the year. The company reported a 10 per cent increase in first-half net profits to US$206 million. Shares jumped 3.1 per cent to close at 49 cents a share. The Dubai Financial Market General Index dropped 0.3 per cent to 1,481.52. "The markets are suffering from a lack of liquidity," said Yazan Abdeen, a fund manager at ING Investments. He said regional investors were hoping for a catalyst in third-quarter earnings, but he said the best prospects for growth were in Saudi Arabia and Qatar.
Gulf Navigation Holding shares remained unchanged. The shipping operator said it bought back 950,000 shares, bringing the total number of shares it has repurchased to 73.7 million. Air Arabia was the most active stock on Dubai's bourse, declining 1 per cent to 79 fils yesterday. The carrier was downgraded to "neutral" from "outperform" by Credit Suisse. The Abu Dhabi Securities Exchange General Index remained unchanged at 2,495.70. Abu Dhabi Commercial Bank jumped 1.8 per cent to Dh1.69, as investors priced in the bank's plans to raise $157m worth of notes. Dana Gas, the most actively traded stock on the exchange, fell 2.5 per cent to 76 fils.
Elsewhere in the region, Kuwait's index remained largely unchanged at 6,653.70. Bahrain's measure dropped 0.1 per cent to 1,413.53. Oman's bourse added 0.2 per cent to 6,294.58 and Qatar's index also gained 0.2 per cent to 6,294.58. The Saudi Tadawul All-Share Index ended its trading week down 0.6 per cent to 6,121.06. The bourse is closed today. halsayegh@thenational.ae
