x Abu Dhabi, UAEWednesday 17 January 2018

Bullish view but markets edge in UAE

Markets Update: UAE stock-markets see small gains on Wednesday as investors bought shares ahead of dividend payments but cautious about potential profit-taking.

UAE stock-markets edged higher on Wednesday, as investors took a bullish view on local equities ahead of dividend payments.

Aldar Properties, Abu Dhabi's biggest developer, gained 0.9 per cent to Dh1.08. Sorouh Real Estate, the Emirate's second biggest, added 0.9 per cent to Dh1.12. The Abu Dhabi Securities Exchange General Index was up 0.2 per cent to 2532.19 points.

Drake & Scull International, a publicly listed contractor in Dubai, added 0.4 per cent to 96 fils a share. Air Arabia, a budget carrier, added 0.8 per cent to 73 fils. The Dubai Financial Market General Index added 0.2 per cent to 1600.77 points.

"Investors are waiting for the dividend payments to start in the coming few weeks," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "The announcements were already made as companies reported annual results. There is a bit of caution with traders waiting to see if there's going to be profit taking."

Elsewhere in the region, Kuwait's measure lost 0.2 per cent to 6085.80 points. Bahrain's index added 1.1 per cent to 1158.96 points. Oman's MSM 30 Index added 0.1 per cent to 5673.65 points. Qatar's QE Index lost 0.1 per cent to 8665.18 points. The Saudi Tadawul All-Share Index added 0.9 per cent to 6966.73 points.