x Abu Dhabi, UAEMonday 24 July 2017

Abu Dhabi stocks continue climb

UAE investors are waiting for European and US markets to open before putting big money into local stocks

Shares on The Abu Dhabi Securities Exchange crept higher in early trade, while the Dubai Financial Market inched lower as investors watched for cues from global markets after a strong rally over the weekend in Europe and the US.

In Abu Dhabi, Sorouh Real Estate rose 0.8 per cent to Dh1.19 during intraday trading at noon. Yesterday, the shares of the developer behind Reem Island's Sun & Sky Towers surged more than 4 per cent. National Bank of Abu Dhabi was up 0.3 per cent to Dh8.86. Shares of the country's second largest lender by asset jumped by more than 5 per cent on Sunday.

The Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2,593.29 points.

"The hype that was controlling global markets is slowing down slightly ahead of the upcoming US Federal Reserve meeting taking place on Wednesday and Thursday, where speculation rose that further stimulus measures may be introduced" said Marwan Shurrab, the chief trader at asset-manager Gulfmena Investments in Dubai.

After the big spikes in stocks such as Sorouh and NBAD on Sunday, Mr Shurrab said, "UAE investors are reluctant to put extra liquidity in the market and waiting for further confirmation from Europe."

The Dubai Financial Market General Index slipped 0.7 per cent to 1,560.09 points.

The losses were led by EmiratesNBD, the country's largest lender, which holds the largest weighting on the benchmark. EmiratesNBD was down 1.3 per cent to Dh3.03.

Elsewhere in the region, Kuwait's measure lost 0.5 per cent to 5,856.13 points. Bahrain's index rose 0.2 per cent to 1,077.11 points. Oman's MSM 30 Index was little changed, up 0.02 per cent, to 5,595.18 points. Qatar's QE Index rose 0.3 per cent to 8,486.79 points.

The Saudi Tadawul All-Share Index opened 0.1 per cent lower to 7,095.76 points.