Gulf markets mixed

04/02/2011 00:00 AST

Middle East markets were mixed yesterday, as investors warily watched escalating violence in Egypt, while gloomy world stocks weighed on regional indices.

Dubai’s measure fell 0.9% to 1,581 points. Abu Dhabi’s benchmark rose 0.8% to 2,645 points.

Kuwait’s index fell 0.7% to 6,775 points. Oman’s index rose 0.09% to 6,857 points. Bahrain’s measure fell 0.7% to 1,442 points.

Dubai’s bluechips Emaar Properties and builder Arabtec, both with interests in Egypt, fell. Emaar slipped 0.9% and Arabtec dropped 1.2%.

“With 13% of Emaar’s book value linked to Egypt, we see some risk to the company,” said Scott Darling, an analyst from Nomura in a reserch note.

“However, we see the company having sufficient balance sheet capacity to absorb any writedown.”

Supporters of President Hosni Mubarak opened fire on protesters in Cairo’s Tahrir Square yesterday, killing at least five, in a fresh spike in violence over an unprecedented challenge to his 30-year-old rule.


Gulf Times

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