News
Bank and Real Estate Stocks Lead Gulf Market Gains
Posted on 10/10/08
Bank and real estate stocks led most market gains. Oman's main index posted big gains. Bank Muscat and National Bank of Oman ended 8.97 per cent and 9.57 per cent higher respectively, while Oman Cables Co ended 9.63 per cent higher.
In Dubai, Emaar Properties ended 3.6 per cent higher, a day after closing at a four-year low, and construction firm Arabtec ended up 13 per cent. The benchmark index closed 3.67 per cent higher.
Abu Dhabi's Aldar Properties and Sorouh Real Estate rose 3.6 per cent and 3.2 per cent respectively. Aldar shares surged after newspapers quoted its CEO as saying the company was considering to buy back shares. Abu Dhabi's benchmark rose nearly one per cent.