Arabtec supports Dubai, Abu Dhabi slips to 9-day low

Dubai's index gave back earlier gains but Arabtec helped it to close in the green while Abu Dhabi's index slipped to a nine-day low.Arabtec, the United Arab Emirates' largest builder, gained 0.7 percent, accounting for a fifth of total shares traded on the index. Dubai Financial Market rose 0.9 percent and low-cost carrier Air Arabia climbed 0.5 percent.Dubai's index climbed 0.08 percent to close at 1,468 points.Volumes were thin in Abu Dhabi, signalling muted buying interest and exaggerated stock moves.Investors are wary of entering the market at new positions on a weak global growth outlook. Morgan Stanley analysts became the latest to cut forecasts for global growth, citing "recent policy errors" in the United States and Europe, plus prospects of further fiscal tightening in 2012.Deutsche Bank cut its projection for Chinese GDP growth to 8.9 percent for 2011 from 9.1 percent and to 8.3 percent for 2012 from 8.6 percent, largely reflecting a downgrade in export outlook due to slower growth in the United States and Europe. Large-cap banks weighed with Abu Dhabi Commercial Bank slipping 0.3 percent, Union National Bank retreating 0.6 percent and National Bank of Ras al Khaimah declining 1 percent. The broader index shed 0.06 percent and ends at 2,584 points, its lowest close since August 9. Elsewhere, Qatar's measure ended 0.2 percent lower at 8,191 points, extending its 2011 losses to 5.7 percent. The index halted two days of gains as investors booked profit ahead of the weekend.Oman's Renaissance Services rebound from a 2009 low as investors pick up the battered stock, helping lift Muscat's index, while Kuwait's bourse declines for a second-day and volumes plunge to their lowest level in two years.Shares in the oil services firm surged 9.9 percent following three days of large losses after saying it uncovered fraud at its unit Topaz, and saw a 77-percent drop in first-half net profit.It accounted for about half of all shares traded on the index. The company's chief executive told analysts on Thursday it will consider an initial public offering (IPO) for its marine business first. It had pulled a much-anticipated IPO of its Topaz unit in March, citing valuation concerns and growing regional unrest. The benchmark ended 0.7 percent higher at 5,527 points, trimming its 2011 losses to 4.8 percent.Other stocks were also up with heavyweight Bank Muscat climbing 0.6 percent, Oman Flour Mills Co rising 2.7 percent and telecoms operator Nawras gaining 0.8 percent. Elsewhere, Kuwait's index ended 0.1 percent lower at 5,827 points, eight points away from Sunday's seven-year low.Large-cap Kuwait Finance House shed 1.1 percent, but Boubyan Bank helped limit losses and closed up 3.5 percent. From / Arabian Business News