UAE traders wait for Cairo stock exchange re-opening

Trading on local exchanges was lukewarm today as investors looked to events in Egypt, ahead of the Cairo Stock Exchange reopening due on Sunday.

"There were opportunities for investors to take positions, however most were staying away," said Rami Awwad, operations manager at Al Awael Securities in Abu Dhabi. "There is a lot of emotion with what's going on in the Arab world."

The Dubai Financial Market General Index lost 0.2 per cent to 1598.40. Prior to the close, the index was flat with 1,412 trades being made, at a total value of Dh89million.

Emaar Properties, developer of the tallest skyscraper in the world, declined 1.2 per cent to Dh3.25 a share. The developer released its financial results to the bourse after the trading session, reporting a net profit of Dh274m, down from Dh720m last year, missing analyst expectations. A consensus of 6 analysts on Bloomberg predicted a net profit of Dh660m.

The Abu Dhabi Securities Exchange remained unchanged at 2710.61. 1103 trades were made in the capital at a total value of Dh99m. Etisalat gained 0.9 per cent to Dh11.10. The UAE telecom operator released its full year results after the trading session, declaring a net profit of Dh7.6bn from Dh8.8bn. Earnings per share declined to Dh0.97, from Dh1.12 in 2009.

Elsewhere in the region, Kuwait's index declined 0.2 per cent to 6738.90. Bahrain's measure remained unchanged at 1467.59. Oman's index lost 0.3 per cent to 6914.97. Qatar's measure gained 0.3 per cent to 8949.76. The Saudi Tadawul All-Share Index gained 0.1 per cent to 6611.60.