x Abu Dhabi, UAEFriday 28 July 2017

UAE contract win lifts Kuwaiti contractor's shares

MARKETS UPDATE: Kuwaiti contracting company Combined Group rose higher at the open as it won a 5.5 million dinar contract in the UAE.

Shares in Kuwait-based contracting company Combined Group gained at the open as the firm announced a contract win in the Emirates.

It rose nearly 1 per cent to 2060 dinars on the Kuwait index as it said it won a 5.5 million dinar contract in the UAE, the company said in a statement to the country's bourse.

Kuwait's measure edged 0.5 per cent higher to 6,928.80 points.

The Dubai Financial Market (DFM) General Index edged 0.06 per cent higher to 1,610.26 points as Dubai Islamic Bank, which was one of the top gainers, appointing a new chief financial officer.

Shares in the stock rose 0.5 per cent to Dh2.17. But other banking stocks did not fare as well as Emirates NBD slipped 1.8 per cent to Dh2.90.

Abu Dhabi Securities General Index (ADX) rose 0.2 per cent to 2,688.78 points.

Etisalat's stake buyout in Kuwait-based Zain continued to play on investors' decision-making as the company slipped 0.5 per cent to Dh10.65.

Abu Dhabi developer, Aldar Properties fell 1 per cent to Dh1.99 as uncertainty over the company's funding framework dragged on the stock.

US stocks ended last week down, ending the longest weekly winning streak for Standard & Poor's 500 Index since 2007 after US banks Goldman Sachs and Citigroup failed to beat analysts' earnings estimates.

Brent crude futures rose above $97 a barrel on Friday as confidence in a European recovery boosted the euro to a two-month peak against the dollar, while US oil ended a choppy session lower, and ended just above $89.