Markets Update: Dubai stocks edged higher as investors buy stocks that reached historic lows.
Bargain hunters push Dubai's stocks higher
Dubai's shares edged higher on Tuesday as investors sought out stocks that reached historically low valuations.
Arabtec Holding, the emirate’s largest contractor, jumped 1.3 per cent to Dh1.55 a share. Drake & Scull International, the second biggest contractor, rose 1.3 per cent to 78 fils a share. Dubai’s DFM General Index added 0.5 per cent to 1336.35 points.
Liquidity is very thin as many investors are away for the holidays.
Aldar Properties slumped for a second day to an all time low after the developer on Monday said it was considering selling some of its assets. Aldar’s shares dropped 3.6 per cent to 80 fils. Abu Dhabi’s ADX General Index lost 0.1 per cent to 2349.01 points.
Elsewhere in the region, Kuwait was little changed at 5803.90 points. Bahrain’s index lost 0.1 per cent to 1146.70 points. Oman’s measure lost 0.1 per cent to 5669.21 points. Qatar’s benchmark added 0.1 per cent to 8794.69 points. The Saudi Tadawul All-Share Index added 0.5 per cent to 6414.47 points.