Dubai stocks inch higher ahead of quarterly results

Dubai's stock market crept higher today, amid low volumes, as investors positioned ahead of second quarter results.

Emaar Properties, the developer behind the world's tallest skyscraper, rose 1.5 per cent to Dh3.20 on the Dubai Financial Market. Union Properties, another developer in the emirate, added 0.2 per cent to 39 fils.

The Dubai Financial Market General Index was up 0.4 per cent to 1509.70 points. About Dh50 million was traded today in the first hour, compared to the Dh100 million average in the last two months.

"There is no movement in the UAE, no major catalyst," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai. "People are still on holiday or waiting for the Q2 numbers."

On the Nasdaq Dubai exchange, interior contractor DEPA Limited jumped 2.7 to 38 US cents a share. DP World, the world's third largest ports operator, was unchanged at $10.59. The FTSE Nasdaq Dubai UAE 20 Index rose 0.2 per cent to 1601.83 points.

On the Abu Dhabi Securities Exchange, Etisalat was up 0.4 per cent to Dh9.20. Abu Dhabi National Hotels jumped 3 per cent to Dh1.70. The Abu Dhabi Securities Exchange was little changed, up 0.06 per cent to 2462.24 points.

halsayegh@thenational.ae