x Abu Dhabi, UAESunday 23 July 2017

Few temptations as Ramadan grows near

UAE stocks declined yesterday as limited news and lacklustre volumes did little to entice investors.

UAE stocks declined yesterday as limited news and lacklustre volumes did little to entice investors.

Analysts said lower volumes were probably a result of many investors travelling before Ramadan.

"The trend is towards the downside as volumes decrease," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai.

The Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 2,687.17 points as 26 million shares changed hands, compared with a daily average of 77 million over the past six months.

The Dubai Financial Market General Index declined 0.1 per cent to 1,520.47 points as 52 million shares were traded, compared with a daily average of 133 million during the past six months. Qatar's benchmark rose 0.1 per cent to 8,403.09 points, led by banking stocks as the country's central bank said the loan book was up 5.4 per cent last month compared with May. Loans were also 14.3 per cent ahead of the same period last year.

"The public sector continues to be the key growth engine and is showing some signs of pickup towards the second half of the year," said Jaap Meijer, a banking analyst at AlembicHC in Dubai.

Elsewhere in the region: Kuwait's bourse was unchanged at 6,080.40 points; Bahrain's index fell 0.3 per cent to 1,298.35 points; and Qatar's benchmark rose 0.1 per cent to 8,403.09 points. The Saudi Tadawul All-Share Index was up 0.04 per cent at 6,525.34.

 

halsayegh@thenational.ae