April 25, 2008
Gulf stocks declined on speculation share prices have outpaced prospects for earnings growth.
The Dubai Financial Market General Index advanced 0.6 per cent. Abu Dhabi Securities Market Index dropped 0.2 per cent. Abu Dhabi Commercial Bank fell 1.3 per cent to Dh7.09. The UAE's third-biggest bank by assets has added 9.6 per cent this month.
Abu Dhabi National Company for Building Materials rose 1.8 per cent to Dh3.90. The supplier of steel, cement, stones and hardware to construction companies said first-quarter net income increased 13 per cent to Dh16.2 million, according to a statement posted on the website of Abu Dhabi's bourse.
The Dubai Financial Market General Index advanced 0.6 per cent. Abu Dhabi Securities Market Index dropped 0.2 per cent. Abu Dhabi Commercial Bank fell 1.3 per cent to Dh7.09. The UAE's third-biggest bank by assets has added 9.6 per cent this month.
Abu Dhabi National Company for Building Materials rose 1.8 per cent to Dh3.90. The supplier of steel, cement, stones and hardware to construction companies said first-quarter net income increased 13 per cent to Dh16.2 million, according to a statement posted on the website of Abu Dhabi's bourse.
Aldar Properties gained 3.1 per cent to Dh11.80, its highest close since February 21. Abu Dhabi's biggest developer by market value said first-quarter net income more than tripled to Dh1.37 billion as sales soared. Arabtec Holding gained 1.3 per cent to Dh15.65, a record close. The company constructing the world's tallest building in Dubai won a contract to build the 60 billion-ruble ($2.56 billion) headquarters of Gazprom Neft in Russia.
Oman's Muscat Securities Market 30 Index added 0.3 per cent, while the Bahrain All Share Index fell less than 0.1 per cent. Qatar's Doha Securities Market Index lost 0.2 per cent.
Oman's Muscat Securities Market 30 Index added 0.3 per cent, while the Bahrain All Share Index fell less than 0.1 per cent. Qatar's Doha Securities Market Index lost 0.2 per cent.
