RAK Ceramics fires up Abu Dhabi bourse

MARKETS UPDATE:UAE markets opened higher as investors regained confidence after a volatile week - with video.

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Ras al Khaimah Ceramics, the world's biggest maker of ceramic tiles, was a top gainer in Abu Dhabi after reporting positive fourth year results.

Full-year profit rose to Dh270.2 million from Dh261.9 million year earlier. The shares rose 1.5 per cent to 2.64 dirhams at the open on the capital's exchange.

The Dubai Financial Market (DFM) General Index rose 1.35 per cent to 1,602.30 points and the Abu Dhabi Securities Exchange General Index edged up 0.7 per cent to 2,663.02 points as investor sentiment improved after a volatile week.

The mood on the UAE markets is expected to be better today with a pick up across all the major sectors, said Ameed Kanaan, the general manager at Al Jazira Financial Services.

But he added: "Foreign investors are still looking at the Middle East as one place and selling a lot."

Egyptian banks will open today for the first time in over a week, and the Cairo stock exchange, the EGX 30, is due to reopen tomorrow.

Violence in the Egyptian capital has forced financial services to close amid escalating violence on the streets of Cairo.

Dana Gas was another top gainer in Abu Dhabi as it added 1.5 per cent to 66 fils, and Aldar Properties rose nearly 4 per cent to Dh1.83.

In Dubai, Emaar Properties, which is due to announce its results, increased 1.5 per cent to Dh3.30.