Results fuel timely rebound

31/01/2010 00:00 AST

UAE shares closed the week on a positive note as earnings boosted investor confidence and Asian markets ended their longest losing streak since 2004.

Dubai Investments PJSC, which holds stakes in more than 40 companies, rose to the highest in a week. The Dubai Financial Market General Index, which has dropped 11 per cent this year, advanced 2.2 per cent to 1,599.43 at the close in Dubai.

The Abu Dhabi Securities Exchange General Index added 1 per cent, the most in almost four weeks. Among the best performers was Abu Dhabi Commercial Bank, up 8 per cent to 11 fils a share the day after reporting an annual loss of Dh1.2 billion.

National Marine Dredging also climbed 9.34 per cent to 81 fils a share, continuing its momentum following a positive earnings report on Wednesday.

“International markets experienced positive movement and Asia is trading higher, not to mention our markets have been penalised lately,” said Ali Taqi, the director of asset management at AT Capital Management in Dubai.

“Results in the UAE have been in line with expectations, and in some cases have beaten estimates.”

Dubai Investments climbed 3.4 per cent to 92 fils, the highest level since January 21.

The company posted a fourth-quarter profit of Dh141 million after a loss a year earlier.

Kuwait’s Stock Exchange index rose 0.9 per cent and Qatar’s index added 1.4 per cent. Bahrain’s gauge lost 0.2 per cent and Oman’s MSM30 Index fell 0.1 per cent.

Saudi Arabia’s measure is closed for the weekend.

The National