Sunday, 3 October 2010 at 15:27, Reuters
Dubai's Drake and Scull International rises after Bank of America-Merrill Lynch started its initial coverage on the contractor's stock with a "buy" rating. Drake and Scull gains 1.2 per cent, helping lift Dubai's index. "We are encouraged by the exceptional order pipeline growth during Q3 and expect the trend to continue as the company capitalizes on its integrated product portfolio across a wider geographical footprint," BOA-Merrill Lynch said in a research report.
On Thursday, Drake and Scull said it will acquire a Saudi-based mechanical, electrical and plumbing company, with plans to buy another firm in the kingdom this year. Bellwether Emaar Properties gains 0.5 per cent. Dubai's index ends 0.7 per cent higher at 1,695 points, while Abu Dhabi's benchmark inches up 0.06 per cent to end at 2,675 points.
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