Gulf Arab bourses start with modest debut into second half of 2010

08:23, July 02, 2010      

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As oil prices dipped further Thursday, stock markets in Gulf Arab nations missed the chance to start positively into the second half of this year.

The barrel oil traded 3.5 U.S.-dollar lower at around 72.12 dollars at local evening time. The black gold almost lost 10 percent during the last week of June.

Nasdaq Dubai, the only stock market in the Middle East with international acceptable standards, was the last market which closed before the Islamic weekend. At Nasdaq Dubai, shares of Dubai Ports World lost 3.41 percent, closing at 0.425 dollars. The port operator still suffered from its decision to postpone a planned dual listing in London to 2011.

With the holiday season starting, trading activities at the local Dubai Financial Market (DFM) more than halved. But the DFM Index ended 0.56 percent higher at 1,469.98 points after a roller coaster trading day. Investment bank Shuaa Capital ended flat at 1. 05 dirham (0.29 dollar).

In Abu Dhabi, the ADX General Index lost slightly as it ended down 0.18 percent at 2,509.56 points. Abu Dhabi's Energy giant Taqa finished 0.92 percent lower at 1.08 dirham. Foreign investors sold, while local and Arab investors were net buyers, according to Dubai-based investment bank EFG Hermes.

Saudi Arabia was closed Thursday, but Kuwait, another oil sensitive exchange, declined by 1.7 percent and the KSE Market Index stood at 6,431.7 points as of the close of trading. The Doha- located Qatar Exchange Index declined by 0.78 percent, finishing at 6,845.81 points. Banks and industry shares posted mostly losses.

Source: Xinhua


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