x Abu Dhabi, UAETuesday 25 July 2017

Dubai up ahead of earnings

Dubai's shares crept higher on low volumes yesterday as investors bought intoproperty and construction companies ahead of second-quarter earnings.

Emaar Properties jumped 1.5 per cent to Dh3.21. Jeff Topping / The National
Emaar Properties jumped 1.5 per cent to Dh3.21. Jeff Topping / The National

Dubai's shares crept higher on low volumes yesterday as investors bought intoproperty and construction companies ahead of second-quarter earnings.

Emaar Properties jumped 1.5 per cent to Dh3.21 on the Dubai Financial Market (DFM) General Index.

Emaaris expected to report increased recurring income from the company's hotel and tourism portfolio amid a rise of visitors to the country, said Fadi Al Said, the head of investments at ING Investment Management in Dubai.

"The wild card is their international developments," he said. "I expect strong momentum going into the second quarter."

Arabtec Holding, the region's biggest contractor, gained 0.6 per cent to Dh2.90, while Tabreed, a district cooling company, added 0.8 per cent to Dh1.24.

The DFM General Indexgained 0.7 per cent to reach 1,505.02.

Sorouh Real Estate, the Reem Island tower developer, lost 0.9 per cent to Dh1.01 on the Abu Dhabi Securities Exchange (ADX) General Index.

United Arab Bank tumbled 10 per cent to Dh2.79. Etisalat slipped 0.1 per cent to Dh9.16.

The ADX General Index closed 0.1 per cent lower to 2,464.49 points.

Elsewhere in the region: Kuwait's measure lost 0.3 per cent to 5,790.94; Bahrain's index slipped 0.1 per cent to 1,108.05; Oman's MSM 30 Index fell 0.4 per cent to 5,410.59; Qatar's QE Index slipped 0.1 per cent to 8,249.29.

The Saudi Tadawul All-Share Index moved up0.44per cent to 6,670.02.

halsayegh@thenational.ae

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