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UAE shares rise as PMI shows solid growth for August

The stock markets of the United Arab Emirates rose on Friday, after a survey showed that the non-oil sector in the country grew at a steady pace in August. This was due to higher output and new business expansion.

The S&P Global UAE Purchasing Managers' Index?rose from 52.7 to 55.3 in?August.

Dubai's main stock index gained 0.7%, with broad gains. The blue-chip developer Emaar Properties rose by 2.2%, while low-cost carrier Air Arabia grew by 2.1%.

Air Arabia announced that it would increase the frequency of its Bangkok flights by adding four daily flights to Sharjah.

Abu Dhabi's benchmark Index advanced 0.5%. This was aided by a 1.5% rise in 'UAE's biggest lender First Abu Dhabi Bank, and a a 1.2% increase in 'Abu Dhabi Commercial Bank'.

Aldar Properties' shares jumped 1.6% after completing mortgage finance on an off-plan home for its customers through the newly launched framework of Abu Dhabi Real Estate Centre (ADREC).

By 1139 GMT, oil prices -- which are a major catalyst for the Gulf financial market -- had fallen?0.45%.

(source: Reuters)