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Dubai: Gulf shares advanced on speculation the dollar's gain to a three-month high against the yen will lower companies' costs and boost profits.
Abu Dhabi National Energy Co gained after the company's board approved a plan to sell convertible bonds. Qatar Islamic Bank rose to the highest in almost three years as Investor Daily Indonesia reported the bank may soon open a branch in the country. Kuwait Financing and Investment Co jumped on plans to increase capital and convert to an Islamic firm.
"The dollar's gain is good for the region's companies as it makes purchases, of raw materials and other products from non-dollar countries, cheaper," Karim Helmy, assistant vice president at Shuaa Securities, said from Abu Dhabi.
The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 5,125.89. Qatar's Doha Securities Market Index added 0.5 per cent, bringing the six-day rally to 4.4 per cent. The Kuwait Stock Exchange Index advanced for a fifth day, increasing 0.3 per cent.
The dollar rose to 107.13 yen, the highest since late February, before trading at 106.77 yen at 5.15pm in Dubai. Against the euro, the US currency increased to $1.5510.
Abu Dhabi National Energy jumped 4.4 per cent to Dh4.02, its biggest one-day gain since April 30.
Bond sale
The state-controlled energy company, known as Taqa, said its board approved a plan to sell convertible bonds worth Dh4.15 billion ($1.13 billion).
Qatar Islamic Bank climbed 4.1 per cent to 165.9 riyals, its highest close since October 2005. The country's biggest Islamic bank may open its first office as early as next week, Investor Daily Indonesia reported, citing Alwi Shihab, Indonesian President Susilo Bambang Yudhoyono's envoy to the Middle East.
Kuwait Financing and Investment surged 3.5 per cent to 300 fils. The board of the commercial and personal-financing firm will meet today to discuss plans to increase its capital and convert to an Islamic financing company.
Saudi Arabia's Tadawul All Share Index fell 0.1 per cent. The Muscat Securities Market 30 Index rose 0.5 per cent, while the Bahrain All Share Index dropped 0.2 per cent. The Dubai Financial Market General Index declined 1.2 per cent.
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