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UAE markets make small early gains

The Abu Dhabi Securities Exchange General Index gained 0.2 per cent and the Dubai Financial Market General Index 0.1 per cent following early trading.

UAE bourses rose marginally in early trading today but investors continued to book profits after the week's early highs.

The Abu Dhabi Securities Exchange General Index gained 0.2 per cent led by gains in Taqa and Dana.

Both reported positive third quarter results yesterday.

But losses in Waha Capital, Sorouh Properties and Aldar Properties continued to weigh on the bourse.

Waha Capital dropped 1.3 per cent to Dh1.78. Sorouh and Aldar fell 3.4 per cent and 1.8 per cent respectively.

The Dubai Financial Market (DFM) General Index gained 0.1 per cent.

Air Arabia increased 2.4 per cent to Dh0.82 after it reported slightly better than expected third quarter net profit of Dh136 million, compared with Dh144 million in the year earlier.

"With Adel Ali, Air Arabia CEO, having pre-announced that the company would beat market expectations, it should be no surprise that 3Q earnings were 30 per cent above consensus," said Scott Darling, analyst at Nomura.

But Union Properties fell 1.4 per cent to Dh0.42 as its third quarter loss almost trebled from the year-ago period.

farah.halime@thenational.ae

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