x Abu Dhabi, UAEFriday 28 July 2017

Mixed bag for UAE bourses as investors draw breath

The Dubai Financial Market General Index rose 0.6 per cent to 1,716.57 points and the Abu Dhabi Securities Exchange (ADX) General Exchange fell 0.3 per cent to 2,740.11 points.

UAE bourses were mixed yesterday as investors paused for breath after gains earlier in the week.

The Dubai Financial Market General Index rose 0.6 per cent to 1,716.57 points and the Abu Dhabi Securities Exchange (ADX) General Exchange fell 0.3 per cent to 2,740.11 points.

The cancellation of the Dubai-based mobile phone retailer Axiom's initial public offering did not seem to have a major impact on the market.

"It is the year-end and even institutions don't want to make big bets. So [Axiom] is not news that will change the market significantly," said Fadi al Said, a senior fund manager at ING in Dubai.

Momentum in Dubai came from property stocks, on the back of continued sentiment that companies would secure contracts linked to Qatar's 2022 World Cup win.

Arabtec Holding, the region's largest construction company, rose 4.4 per cent to Dh2.12 and was the bourse's most actively traded stock.

Emaar Properties gained 1.8 per cent to Dh3.80 and Deyaar Development increased 2.3 per cent to Dh0.31.

Investors also bought into Drake & Scull whose shares rose nearly 3 per cent to Dh1.05.

The ADX was the only market in the Gulf to end in negative territory yesterday, led by National Bank of Umm Al Qaiwain. Shares in the stock, the most active by volume, fell 9.5 per cent to Dh2.10.

Elsewhere in the region: Qatar continued a winning streak as it rose 1.1 per cent to 8,625.42 points; Bahrain gained 0.5 per cent to 1,429.44 points; Kuwait increased 0.03 per cent to 6,867.70 points; Oman moved 0.3 per cent higher to 6,717.26 points and the Saudi Tadawul All-Share Index finished up 0.56 per cent at 6,436.65.

 

fhalime@thenational.ae