Markets Update: Dubai shares edged higher on Wednesday, bucking the downward trend seen in global markets after Italy was downgraded by ratings agency Moody's. Market Minute:
DP World shares rise on London port project
DP World rose on Wednesday after the Dubai ports operator said it expects the new London Gateway deep-sea container port to be operational by the fourth quarter of 2013.
The shares, listed on the Nasdaq Dubai exchange, rose 1 per cent to $10.01.
On the Dubai Financial Market exchange, local stocks bucked the downward trend seen in Asian markets after Italy was downgraded by ratings agency Moody's Investors Service.
A lack of liquidity, however, prevented strong price movement.
Drake & Scull was up 0.1 per cent to 80 fils a share. Emaar Properties rose 0.3 per cent to Dh2.57 a share. Dubai Investments added 1.5 per cent to 74 fils a share.
In the capital, banking stocks dropped the most. Abu Dhabi Commercial Bank was down 3.1 per cent to Dh2.77 a share. Bank of Sharjah lost 4.3 per cent to Dh1.75. National Bank of Abu Dhabi lost 2.4 per cent to Dh10.00.
Elsewhere in the region, Kuwait's measure added 0.3 per cent to 5821.60 points. Bahrain's index was little changed at 1166.26 points. Oman's measure was also little changed at 5560.65 points. Qatar's benchmark added 0.3 per cent to 8182.46 points. The Saudi Tadawul All-Share Index was down 0.9 per cent to 5965.13 points.