x Abu Dhabi, UAEMonday 24 July 2017

Mixed bag for UAE bourses

Abu Dhabi stocks closed higher as investors enjoyed the knock-on effect of increased oil prices after the US central bank said it would pump more money into its economy.

Abu Dhabi stocks closed higher as investors enjoyed the knock-on effect of increased oil prices after the US central bank said it would pump more money into its economy.

The Abu Dhabi Securities Exchange General Index finished 0.7 per cent higher at 2,770.37, after climbing to a two-week high of 2,775.85 in intraday trading.

But the Dubai Financial Market General Index fell 0.9 per cent to 1,721.66. Selling pressure was driven by lower profit than expected at Arabtec Construction, said Hassan al Salah, the head of institutional sales at AlRamz Securities.

The country’s biggest builder by market value reported a drop in third-quarter profit to Dh6.8 million from Dh166.6m in the same period last year.
Shares fell 5.1 per cent to Dh2.04 as it also announced a reshuffle on its board, with Abdulla Kalban replacing Arif Naqvi. A stream of other poor results announcements also dragged on the property sector.

Deyaar Development said it made a net loss of Dh145m in the quarter and its shares lost 7.8 per cent to 31 fils. Union Properties slipped 0.5 per cent to 43 fils.
RAK Properties was one of the few gainers in Abu Dhabi, rising 6.6 per cent to 97 fils and was the most active by volume. This was despite a fall in profit for the first nine months of this year to Dh163.8m from Dh181.5m the same period last year.

Elsewhere in the region: Qatar gained 0.7 per cent to 7,958.74; Oman rose 0.5 per cent to 6,549.59; Kuwait slipped 0.1 per cent to 7,117.40; Bahrain lost 0.2 per cent to 1,463.14 and the Saudi Tadawul All-Shares Index reversed its early week highs, falling 0.4 per cent to 6,436.17.