Markets Update: Shuaa Capital and Tabreed rise as markets open in the Gulf.
Shuaa Capital and Tabreed early risers on Dubai's DFM
Shuaa Capital's shares increased at the open on Tuesday, after the Dubai-based investment bank said it expects operating cash flow to improve 71 per cent since the start of its right-sizing program in the first quarter of last year.
The bank has cut 60 per cent of its workforce during the same period, "primarily in retail brokerage," Shuaa Capital said in a statement to the Dubai Financial Market (DFM) today.
Shuaa Capital's shares rose 5.1 per cent to 79 fils a share. The company is due to publish its first quarter results on Monday.
Tabreed rose 0.7 per cent to Dh1.30 a piece, after the district cooling company said first quarter profit reached Dh36.8 million, a 15 per cent increase from the year earlier period.
The DFM General Index was dow 0.4 per cent to 1622.91 points, while the Abu Dhabi Securities Exchange's (ADX) General Index lost 0.3 per cent to 2503.82 points.
Elsewhere in the region, Kuwait's measure added 0.3 per cent to 6391.60 points. Bahrain's measure gained 0.3 per cent to 1152.79 points. Oman's MSM 30 Index lost 0.5 per cent to 5837.80 points. Qatar's QE Index added 0.1 per cent to 8703.64 points.
The Saudi Tadawul All-Share Index was little changed yesterday at 7558.47 points.