Indexes in UAE inch upwards

"We are reaching major critical points. Oil prices are pushing international markets higher but they're not spilling over to our markets, which are shying investors away from trading," said Saad al Chalabi, an institutional trader at Al Ramz Securities based in Abu Dhabi. The Dubai Financial Market General Index edged higher by 0.1 per cent to 1,839.07, led by telecommunication companies and financials. Du shares strengthened 1 per cent to Dh2.89. Emirates NBD at one point in the day reached its upper limit and finished 4.7 per cent higher at Dh3.07 a share.

The Abu Dhabi Securities Exchange General Index inched 0.3 per cent higher to 2,838.11. Commodities and industrials led the field. Dana Gas shares rose 1.12 per cent to Dh0.90. "Abu Dhabi's index seems to be not as much under pressure as Dubai's indices, possibly because it's supported by the price of oil," said Mr al Chalabi. Ras Al Khaimah Cement Company jumped 2 per cent to Dh0.99 a share. Abu Dhabi Commercial Bank fell 1.4 per cent to Dh2.03. So far, its shares have lost 5 per cent since the announcement of the default of the loan granted by Gulfinvest, even though the loan was underwritten by Shuaa Capital.

Elsewhere in the region, Bahrain's measure added 1.3 per cent. The Saudi Tadawul All-Share Index lost 0.2 per cent while Kuwait's bourse gained 0.3 per cent. Qatar's main measure strengthened 0.07 per cent while the Muscat Securities Market index fell 0.3 per cent. @Email:halsayegh@thenational.ae