Bahrain bourse slips but UAE shines out

Bahrain's stock market dipped this morning amid continuing political tensions but investors in the UAE were more positive.

The BB All Share Index dipped 0.3 per cent to 1,388.08 points as some of its banking stocks slipped at the open.

Ahli United Bank slipped 2.2 per cent to 67 fils and Arab Banking Corporation, which is majority-owned by the Libyan Central Bank was unchanged at 57 fils. Nass Corporation, the Bahrain-based company which offers construction services, fell 1.9 per cent to 156 fils.

But in the UAE Arabtec climbed the most since December after it shelved plans to raise capital through a rights and bond issue.

The construction company postponed plans for a rights issue and a $150 million, five-year convertible bond until market conditions improve.

It rose 7.1 per cent to Dh1.35, the biggest intraday gain for three months, even as the company's net profit fell 38 per cent in 2010, from a year earlier.

The Dubai Financial Market added 1.9 per cent to 1,438.58 points and the Abu Dhabi Stock Exchange increased 1.2 per cent to 2,603.74 points.

In the capital, First Gulf Bank was the leading mover as it rose 3.5 per cent to Dh16.15 and Etisalat, the UAE's biggest company by market capitalisation climbed nearly 1 per cent to Dh11.1.

Other markets in the region also extended gains, as the Kuwaiti measure advanced 1.1 per cent to 6,205.40 points and Qatar's QE Index rose 1.6 per cent to 8,141.59 points.