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Dubai up most in 2-months; Egypt drops

Gulf stocks mkt
DUBAI: Dubai shares advanced the most in more than two months, leading gains in Gulf markets, as oil climbed to the highest year-end price since 2007. Egypt’s benchmark retreated as a bomb killed 21 people yesterday. Dubai Investments, which owns stakes in more than 40 companies, soared the most since Sept. 19. Drake & Scull International, the Dubai-based engineering contractor, rose for a fifth day
1,668.27 at the 2 pm close in the emirate. The measure lost 9.6 per cent in 2010. Abu Dhabi’s ADX General Index increased 0.8 per cent.
Nakheel, the developer of palm-shaped islands off Dubai’s coast, paid 3.9 billion dirhams ($1.1 billion) to trade creditors as it seeks to renegotiate terms on at least $10.5 billion of loans and bills. Nakheel is working to secure the approval of 95 per cent of its trade creditors by the end of the first quarter, the company said in an emailed statement shortly before the market closed.
Dubai Investments jumped 6.8 per cent to 83.3 fils. Drake & Scull rose 5.8 per cent to 1.1 dirhams, the highest since October 2009. Emirates NBD, the UAE’s biggest bank, advanced 8 per cent to 2.98 dirhams.
Egypt’s benchmark EGX30 Index declined for the first time in five days, losing 0.5 per cent to 7,103.61 at 12:51 p.m. in Cairo, the biggest drop since Dec. 22. The gauge rose 15 per cent in 2010.
Qatar’s gauge gained 0.7 per cent and Oman’s MSM30 Index rose 0.8 per cent. Saudi Arabia’s Tadawul All Share Index advanced less than 0.1 per cent. Kuwait’s and Bahrain’s market are closed for a holiday. -Agencies


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