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Dubai market sees tentative rally following tough week

Markets Update: Emaaar Properties and Arabtec lead stocks on the Dubai Financial Market to a tentative rally in early trading today, following a bruising week for local equities.

Dubai stocks made a tentative rally in early trading today, after a bruising week for local equities.

The Dubai Financial Market General Index advanced 0.3 per cent on the open to 1,532.00, while the Abu Dhabi Securities Exchange General Index was unchanged at 2,480.03.

Emaar Properties and Arabtec led gains on Dubai's market, while shares in du advanced 1.3 per cent as the company beat analysts' estimates.

The Dubai-based telecoms company reported a 61 per cent rise in net income to Dh333.1 million compared with the corresponding period a year earlier.

In the capital, Abu Dhabi National Energy Company reported quarterly profits more than triple a year earlier, sending shares higher.

The company, also known as Taqa, generated Dh534m, compared to Dh152m in the same period a year earlier.

Taqa's shares jumped 4.1 per cent to Dh1.25 each.

The jump in market values comes at the end of a week which has seen Gulf markets hammered by the latest bout of market worry over Europe, following the results of elections in France and Greece in which voters rejected austerity measures.

Dubai's market gauge is off 3.3 per cent since the start of the week, while stocks in Abu Dhabi have fallen 0.8 per cent during the same period.

Oil prices were mixed in early trading, with Brent crude futures rising 42 cents to $113.25 per barrel to snap eight consecutive days of declines.

Nymex crude sank again for the sixth straight day yesterday, sliding 20 cents to $96.81 per barrel.

Asian markets slid for a third day on concerns over the eurozone sovereign debt crisis, with the Nikkei 225 falling 0.3 per cent to 9,030.00 and the Hang Seng Index down 0.9 per cent at 19,930.00.

ghunter@thenational.ae

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