x Abu Dhabi, UAESunday 23 July 2017

DFM nudges higher on industrial stocks

Markets Update: The Dubai Financial Market General Index edged higher this morning as investors showed favour to industrial stocks, benefiting builders.

The Dubai Financial Market General Index edged higher this morning as investors showed favour to industrial stocks, benefiting builders.

Construction companies were among the most active early in the session. Arabtec gained 2.05 per cent. Deyaar Development was up 1.23 per cent at 41 fils a share.

The sector helped send the Dubai index up 0.74 per cent at 1,684.31 this morning after closing the red last night.

Industrials were flavour of the month on the United States main Dow Jones index, after Citigroup recommended investors buy into the sector, Bloomberg reports.

In Abu Dhabi stocks opened lower with the index down 0.26 per cent at 2,525.51, adding to yesterday's losses. Abu Dhabi Islamic Bank was among the biggest early fallers, dropping 4.56 per cent.

Oman's main exchange in Muscat opened higher this morning, up 1.06 per cent at 5969.50. The index has closed down only one day in the last nine consequtive trading session.

Global markets edged into the green overnight. In Asia the Nikkei was slightly trading higher on investor appetite for consumer goods and services, and oil and gas companies. European shares closed up on the Euro Stoxx 50, as investors bought into the telecommunications sector and banks.

 

lmiller@thenational.ae