Emaar Properties rose by 0.3 per cent to Dh3.03. Gabriela Maj / Bloomberg News
Emaar Properties rose by 0.3 per cent to Dh3.03. Gabriela Maj / Bloomberg News
Emaar Properties rose by 0.3 per cent to Dh3.03. Gabriela Maj / Bloomberg News
Emaar Properties rose by 0.3 per cent to Dh3.03. Gabriela Maj / Bloomberg News

Dubai and Qatar buck gloom


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Dubai's market shrugged off losses elsewhere in the region as gains in the emirate's blue-chip companies helped to prop up the index.

The Dubai Financial Market General Index edged 0.3 per cent higher to 1,525.61 as investors bought shares in heavyweight stocks including Emaar Properties, Arabtec and the bourse operator DFM Company.

Shares in those companies rose 0.3 per cent to Dh3.03, 2.4 per cent to Dh1.27, and 1.7 per cent to Dh1.18, respectively.

The only other regional market to show any gains was Qatar's. The measure rose 0.5 per cent to 8,249.62.

Elsewhere, markets were muted as analysts said there were few positive catalysts.The Abu Dhabi Securities Exchange General Index fell 0.5 per cent to 2,704.47. RAK Cement fell 3.3 per cent to Dh0.87 on strong volumes.

First Gulf Bank yesterday slipped even after an increase on foreign ownership limits came into effect.

Shares in the UAE's second-biggest bank by market capitalisation fell 1.1 per cent to Dh17.40, but this was on meagre volumes - just 400,000 shares changed hands.

The busiest stocks experience daily trading volumes of at least 5 million shares.

The bank last week voted to raise its cap on foreign investment from 15 per cent to 25 per cent.

Bahrain's bourse fell 0.6 per cent to 1,330.03, and Oman's index fell almost 1 per cent to 5,953.70.