Gulf markets close on positive note

Following yesterday’s trading-floor carnage, most Gulf stock markets have recovered as investors remained calm despite ongoing concern about the impact of the global financial crisis on the region.

The main index at the Dubai Financial Market (DFM) closed 3.67 per cent higher at 3,198.09 points. Shares for Emaar Properties were up 3.6 per cent while Arabtec rose 13 per cent. Other gainers included Dubai Islamic Bank at 4.6 per cent, Dubai Investments at 5.6 per cent and telecom operator du with a 9.29-per-cent gain.

Abu Dhabi's main index also performed relatively well as it closed the week 0.96 per cent higher at 3,207 points, with top gainers including real estate stocks and banks.

Aldar Properties and Sorouh Real Estate ended 3.64 per cent and 3.24 per cent higher, while Abu Dhabi Commercial Bank closed 6.92 per cent up. Emirates Telecommunications (etisalat) closed 1.48 per cent higher.

Aldar Properties’ shares rose despite clarifying local reports that it was not considering a share buyback.

Elsewhere in the region, Qatar’s main index was up 1.87 per cent at 7,573 points, led by bank stocks. Kuwait also posted positive figures by closing at 11,905 points, up 3.78 per cent from the previous day’s trading. Muscat’s benchmark appreciated by 8.32 per cent to 7,178 points, its biggest one-day gain in nine years.