Marwan Shurrab News
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National Central Cooling Co. advanced on the highest volume in more than two months, extending a rally since the supplier of air-conditioning systems reported a 30 percent increase in first-quarter profit.
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Dubai’s benchmark stock index dropped the most in more than two weeks on concern a rally this quarter, prompted by an economic recovery in the emirate, was overdone.
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Abu Dhabi’s benchmark stock index climbed the most since 2009 as National Bank of Abu Dhabi PJSC surged to a seven-year high after profit beat estimates and Etisalat planned a bid for Vivendi SA’s Maroc Telecom stake.
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Arabtec Holding PJSC climbed to the highest in a month on investor bets the shares of the Persian Gulf’s largest publicly traded builder are cheap compared with Dubai-based real estate developers.
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Dubai’s DFM General Index gains 1% to 1,975.79 at the close in the emirate as 10 stocks rise, 8 fall and 13 are unchanged. Index up 5.1% in 5 days, best weekly performance since January. Abu Dhabi ADX General Index +0.3%; Oman’s gauge +0.4%.
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Saudi Arabia’s shares declined the most in almost a month as oil prices traded below $80 a barrel, raising investor concern that the world’s top oil exporter may reduce the size of a $500 billion government stimulus.
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Abu Dhabi Commercial Bank , the United Arab Emirates’ third-biggest bank, rose to the highest in a month on speculation it may decide on a bidder for its 25 percent stake in Malaysian bank RHB Capital Bhd. today.
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Abu Dhabi Commercial Bank PJSC, the third-biggest lender in the United Arab Emirates by assets, climbed to the highest level in more than four years amid a share-buyback program.
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Dubai shares rose the most in more than two months, leading a Middle East rally, after growth in U.S. private employment fueled optimism that the world’s biggest economy will avoid a recession.
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National Central Cooling Co. headed for the biggest drop in almost 10 months on concern minority shareholders may have their positions diluted by a dividend payout to Abu Dhabi’s Mubadala Development Co.
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