Air Arabia, GFH help lift Dubai index

Positive news lifted some stocks in Dubai in early trade on Wednesday and markets in Abu Dhabi and Qatar also edged up.

Dubai’s bourse rose 0.6 per cent. Shares in low-cost carrier Air Arabia climbed 1.4 per cent after it announced a $230 million deal with Dubai Islamic Bank to finance the purchase of six new Airbus A320 aircraft in 2015.

Bahrain's Gulf Finance House, which is also listed in Dubai, rose 1.9 per cent after completing a capital reduction plan, a move that will help the Islamic investment firm cut accumulated losses.

Abu Dhabi's index inched up 0.4 per cent as shares in major lenders National Bank of Abu Dhabi and First Gulf Bank gained 1.5 and 0.8 per cent, respectively.

Lenders Qatar National Bank and Masraf Al Rayan , up 1.7 and 2.6 per cent, respectively, also lifted Qatar's bourse which gained 0.7 per cent.

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