Mixed fortunes on UAE bourses

Markets in Dubai and Abu Dhabi ended mixed on Monday.

The Dubai Financial Market general index declined 0.79 per cent to close at 3,775.38, dipping below the April 7 close. Year-to-date the index is up a marginal 0.04 per cent.

Shares of Tabreed, or National Central Cooling, and Emaar Malls, were among the top gainers, increasing by 2.46 per cent and 1.34 per cent respectively.

The retailer Marka, which yesterday said it completed the acquisition of Retailcorp from Istithmar announced in December, lost 5.38 per cent of its share value. The developer Deyaar meanwhile shed 3.09 per cent.

In Abu Dhabi, the key index rose 0.63 per cent to close at 4,589.29, continuing with the overall rally for the last three weeks. Year to date it is up 1.33 per cent.

Gulf Cement and the food company Agthia gained 4.81 per cent and 4.79 per cent, respectively. RAK Cement and Sharjah Islamic Bank lost 5.62 per cent and 2.94 per cent, respectively.

Brent, which rose above $58 per barrel to its highest level since March 26, had a positive effect on the Saudi bourse, as the benchmark climbed 0.5 per cent.

The petrochemicals group PetroRabigh rose 4.8 per cent, as the Saudi regulator lifted suspension on trading of its shares. The company also announced it was raising capital through a rights issue. Saudi Basic Industries, however, dropped 2.7 per cent after it went ex-dividend.

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