Reuters/Dubai
The United Arab Emirates’ bourses rose yesterday with blue chip Dana Gas pushing up Abu Dhabi’s index after the company said it plans a second listing in London.Dana Gas rose 2.9% with investors upbeat on possible increase of liquidity for the company. It said the listing will provide a wider investor base and boost share value. Abu Dhabi Commercial Bank gained 2.3% amid high volumes, nudging Abu Dhabi’s index up 0.09% to its highest close since February 15.In Dubai, Heavyweight Emaar Properties gained 0.9% and closed at a 14-week peak, pulling up the emirate’s index to a year high. Lender Emirates NBD rose 2.7%.“Banks have started lending again, there are projects moving across and real investors are returning,” said Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker, adding that Emaar could climb another 15%.Dubai’s benchmark is up 0.06% to 1,682 points, its highest close since December 9. The Abu Dhabi index climbed 0.09% to 2,711 points.Egypt’s main index closed little changed as investors cleared positions ahead of an upcoming four-day break on lingering fears of political instability, traders said.Egypt’s bourse will be closed for four days and will resume trade on Tuesday. The index closed up 0.2% at 4,996 points, with nearly two stocks gaining for each that fell.Dairy maker Juhayna rose 5% while oil services firm Maridive closed up 1.2%.Bucking the trend, Oman’s index fell to a 10-day low with Nawras weighing after the telecom operator’s first-quarter profit fell 13.6%. Nawras dropped 2.2%.“Most of the funds will not let Nawras move lower”, said Osama Ibrahim al-Qinna, head of brokerage at Oman Arab Bank. The stock was up 3.6% in March.The benchmark ended 0.2% down at 6,353 points, its fourth straight decline and lowest close since April 11.“In anticipation for more Q1 results, investors remain in favour of a wait-and-see strategy, which is reflected in the low volumes,” said Al Qinna.Renaissance Services slipped 1.5%. On Tuesday, the firm said it had lost a court case related to marine unit Topaz.The Kuwaiti measure rose 0.1% to 6,443 points, while the Bahraini measure fell 0.04% to 1,401 points.