Markets Update: Dubai's stock market rose on today, tracking positive sentiment from global markets over the weekend, and as investors positioned ahead of expected second quarter results.
Dubai stocks track upwards on global sentiment
Dubai's stock market rose today, tracking positive sentiment from global markets over the weekend, and as investors positioned ahead of expected second quarter results.
Emaar Properties, the region's biggest developer, advanced 1.9 per cent to Dh3.16 on the Dubai Financial Market. Tamweel, the mortgage firm complying with Shariah rules, gained 1.6 per cent to Dh1.27. Tabreed, the district cooling company, gained 1.6 per cent to Dh1.26. The Dubai Financial Market General Index added 0.7 per cent to 1501.53 points.
Global markets staged a relief rally on Friday, amid positive GDP figures from China, the world's second largest, economy.
Etisalat, the UAE's largest telecommunications operator, slipped 0.8 per cent to Dh9.14 in Abu Dhabi. The stock has the largest weighting on its home index. The Abu Dhabi Securities Exchange General Index fell 0.1 per cent to 2462.79 points.
Elsewhere in the region, Kuwait's measure fell 0.2 per cent to 5845.30 points. Bahrain's index was little changed, down 0.05 per cent, to 1113.34 points. Oman's MSM 30 Index gained 0.3 per cent to 5462.95 points. Qatar's QE Index was little changed, up 0.09 per cent, to 8292.50 points.
The Saudi Tadawul All-Share Index gained 0.6 per cent to 6701.09 points yesterday.