RAK Ceramics fires up Abu Dhabi's bourse amid rising profits

Markets Update: Ras al Khaimah Ceramics Company gained nearly 8 per cent to Dh2.07 on the Abu Dhabi stock exchange this morning on the back of strong profits - with video.

Ras al Khaimah Ceramics Company was a top riser in Abu Dhabi as it reached its highest point this month.

The company gained nearly 8 per cent to Dh2.07 on the Abu Dhabi stock exchange.

Earlier this month it said it earned a net profit of Dh270.2 million in 2010, a 3.2 per cent increase over the Dh261.9 million earned in 2009.

The world's top ceramic tiles manufacturer is also a regular distributor of dividends, making it popular among traders.

Emirates NBD was a prominent loser on the Dubai index at the open as it fell to its lowest intraday point this year.

The largest bank by assets in the country slipped 8 per cent, though it soon reversed its losses to trade 1.4 per cent down to Dh3.60.

Some analysts said it the sharp fall may have been down to a "rogue trade" or fat finger trade made my accident.

The illiquidity of the stock also often leads to sharper movements on the market.

Abu Dhabi National Energy Company, or Taqa, fell down 3 per cent at Dh1.50.

The Dubai Financial Market fell 0.4 per cent at the opening bell at 1,593.57 points and the Abu Dhabi Financial Market was flat at 2,659.94 points.

In Qatar, the index fell 0.3 per cent at 8785.71 points after ending higher Wednesday.

Qatar Islamic Bank shed 2.6 per cent of its value to 81.40 Qatari riyals, after it reported a 7 per cent gain in profits for the first quarter, but missed analyst estimates as net financing gains were offset by declines in fee income.