x Abu Dhabi, UAESaturday 22 July 2017

Tunisian all-clear lifts Shuaa shares in UAE

Markets Update: Shuaa Capital, the country's largest investment bank surges at the open after the Tunisian Financial Market Council lifted the freeze on its brokerage accounts - with video.

Shuaa Capital rose to its highest in two months after the country's largest investment bank said the Tunisian Financial Market Council has lifted the freeze on its brokerage accounts.

Shares of Shuaa rose as much as 7.1 per cent to Dh1.21 at 10:45am, the highest intraday level since February 9.

The regulator ordered 123 brokerage firms to suspend securities trading, including Shuaa Capital, until it could confirm that there were no connections with individuals who are currently under investigation by the authorities in Tunisia, the investment bank said in a statement yesterday.

The Dubai Financial Market General Index lost 0.8 per cent to 1555.78, while the Abu Dhabi Securities Exchange General Index added 0.1 per cent to 2611.21.

"UAE markets are in limbo at the moment," said Julian Bruce, the equity sales head at EFG-Hermes in Dubai. "With a complete absence of news, markets always tend to drift back on low volume and that is what we are seeing today," he said.

Elsewhere in the region, Kuwait's measure added 0.1 per cent to 6346.20. Bahrain's index was unchanged at 1418.81. Oman's benchmark added 0.1 per cent to 6336.37. Qatar's index added 0.2 per cent to 8764.83. The Saudi Tadawul All-Share Index was unchanged at 6606.69.