| 03 Sep 2010 |
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Gulf shares end mixed
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DUBAI - Dubai shares rose the most in a week and Qatar's benchmark index climbed for a sixth day as faster- than-estimated growth in US manufacturing bolstered confidence in global economic growth.
Dubai Islamic Bank PJSC increased the most since June after Goldman Sachs Group Inc. raised its recommendation on the United Arab Emirates' largest Shariah-compliant lender.
Masraf Al Rayan, a Doha-based bank, advanced to the highest since May.
The DFM General Index rose 0.8 percent to 1,497.78, the most since Aug. 26, at the 2 p.m. close in Dubai. The measure added less than 0.1 percent this week. The QE Index gained 0.8 percent to 7,305.96, the highest since May 13.
About 53 million shares traded in Dubai Thursday, compared with a six-month daily average of 153 million.
Abu Dhabi's ADX General Index gained 0.1 percent and the Kuwait SE Index advanced 0.4 percent.
Bahrain's stock measure declined 0.2 percent and Oman's MSM30 Index was little changed.
Saudi Arabia's benchmark stock index rose to the highest in more than two weeks, leading gains in Gulf markets, after Chinese manufacturing quickened more than expected and as oil rebounded from a one-week low.
"Markets opened with enthusiasm today because of yesterday's great performance in US markets," said Saad Al-Chalabi, institutional trader at Al Ramz Securities in Abu Dhabi. The gains were limited "because of low volumes and lack of interest."
Dubai Islamic Bank climbed 1.6 percent, the most since June 13, to AED1.89 after it was raised to "neutral" from "sell" with a price estimate of AED2.36.
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