Tabreed up on sentiment; Abu Dhabi shares decline

31/01/2012 07:44 AST

National Central Cooling Company, popularly known as Tabreed, was the star performer in Dubai, posting its biggest one-day gain in 15 months.

The firm surged 10.6 per cent, the most in a single day since November 1 2010, to its highest close in five weeks.

“There is no news on Tabreed,” said one Dubai-based trader. “The market is good though and people are playing in some stocks. Everyone is expecting good things from the results.”

Other real estate-linked stocks also made strong gains. Deyaar climbed 5.6 per cent and Union Properties advanced five per cent to its highest close since mid-November. Tamweel, in its first day of trading since publishing full-year numbers, jumped 6.3 per cent.

The Dubai main index gained 0.3 per cent to 1,406 points. In Abu Dhabi, the bourse snapped an eight-day winning streak, slipping 0.5 per cent to 2,422 points. Abu Dhabi Commercial Bank and Aldar Properties were among the decliners, dropping 2.4 and 2.2 per cent, respectively. The real estate heavyweight closed down for the first time since January 19. Dana Gas, which jumped 2.7 per cent, accounted for over half of shares traded on the exchange. The firm, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.

In regional markets, banks helped Qatar’s index to rose 0.6 per cent to 8,492 points. The biggest climber is Masraf Al Rayan, which recovered from an early drop to end 2.9 per cent higher. The bank reported full-year earnings on Sunday. Doha Bank and Commercial Bank of Qatar gained 0.7 and 1.5 per cent, respectively.

In Kuwait, the exchange advanced 0.1 per cent to 5,865 points, the fifth session in six that it ends higher. The Oman index fell 0.1 per cent to 5.591 points.

Khaleej Times