UAE bourses remain flat

Dubai: Dubai Financial Market yesterday closed higher for a fifth trading day, adding 0.15 per cent to 5,720.51. Emaar Properties rose 0.87 per cent and Emirates NBD 0.43 per cent. Abu Dhabi’s benchmark, which crossed 5,000 points for the first time in more than two years on Sunday, slipped 0.09 per cent to 4,995.74 points, its first lower close in five trading days. National Bank of Abu Dhabi declined 1.42 per cent and Abu Dhabi Commercial Bank fell 1.32 per cent. Elsewhere in the Gulf, shares rose as regional companies reported first-quarter earnings growth. Saudi Kayan Petrochemical increased to its highest in almost two months after announcing results. Qatar Islamic Bank gained for a third day as the lender said first-quarter profit surged 69 per cent. Barwa Real Estate jumped to a record. Saudi Arabia’s Tadawul All Share Index added 1.2 per cent to 9,638.79, its highest close since March 12 while Qatar’s Doha Securities Market Index advanced 1.1 per cent. « Strong earnings have boosted sentiment which brought funds and retail investors back into the market, » said Bashar F. Eisa, an analyst at Dlala Brokerage & Investment Holding in Doha. Saudi Kayan gained 3.8 per cent to 27.5 riyals, its highest close since February 25. The company building the world’s biggest ethylene-glycol plant reported first-quarter profit of 95.6 million riyals ($25.5 million). Qatar Islamic Bank gained two per cent to 125 riyals, its highest close since May 2006. Barwa Real Estate jumped 8.8 per cent to 62.9 riyals. The Qatar-based property-services business said first-quarter net income surged 88 per cent to 332.8 million riyals. Oman’s Muscat Securities Market 30 Index increased 0.5 per cent while the Kuwait Stock Exchange Index declined less than 0.1 per cent and the Bahrain All Share Index dropped 0.3 per cent. Source: Bloomberg