UAE stock markets made small gains yesterday after a volatile week as traders took cues from global markets before making investment decisions.
Low-key end to eventful week
UAE stock markets made small gains yesterday after a volatile week as traders took cues from global markets before making investment decisions. Turnover was low, with a combined value of US$140 million traded on the local bourses, compared with a daily average of $200m this month.
Tabreed rose 3.3 per cent, the biggest one-day price increase since May 7, to Dh1.23 after the district cooling company said it had completed the expansion of its plant in Al Ain.
The Dubai Financial Market General Index gained 0.6 per cent to 1,475.58.
Asian markets showed signs of life yesterday and investor sentiment improved, reversing declines on Wednesday caused by worries over Greece's looming elections and mounting debt crisis.
"Local markets have become very highly correlated with international markets due to global circumstances," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai.
Trading was largely subdued on the Abu Dhabi Securities Exchange (ADX), with investors mostly speculating on small-cap stocks. Ras Al Khaimah Cement rose 1.3 per cent to 74 fils. Arkan Building Materials added 1.2 per cent to close at 82 fils. The ADX General Index was largely unchanged, up 0.03 per cent to close at 2,467.85.
Elsewhere in the region: Kuwait's measure slipped 0.1 per cent to 6,429.09; Bahrain's lost 0.4 per cent to close at 1,151.52; Oman's MSM 30 Index rose 0.2 per cent to 5,656.77; and Qatar's QE Index slipped 0.1 per cent to 8,455.33.
Saudi Arabia's Tadawul All-Share Index was closed for the day.