x Abu Dhabi, UAEMonday 24 July 2017

Dubai stock lifted by Air Arabia

Markets Update: Air Arabia lifted Dubai stocks after the region's largest low cost carrier posted better than expected earnings for the second quarter.

Air Arabia lifted Dubai stocks after the region's largest low cost carrier posted better than expected earnings for the second quarter.

Net income for the quarter was at Dh50 million, up 2 per cent year on year, beating consensus by 7 per cent.

Air Arabia's shares rose 0.6 per cent to 68 fils on the Dubai bourse on Thursday, the last trading day of the week.

Other stocks rose. Emaar Properties was up 2 per cent to Dh3.02 a share. Tabreed, the UAE district cooling company, rose 0.7 per cent to Dh1.41.

Dubai's benchmark, the Dubai Financial Market General Index was up 0.4 per cent to 1533.73 points.

In the capital, the Abu Dhabi Securities Exchange General Index was up 0.3 per cent to 2660.19 points.

Elsewhere in the region, Kuwait's index was unchanged at 6067.90 points. Bahrain's measure slipped 0.2 per cent to 1280.92 points. Oman's index gained 0.2 per cent to 5772.93 points. Qatar's benchmark added 1 per cent to 8489.68 points. The Saudi Tadawul was closed for the day.