Markets Update: Local stock markets are in the green this morning, as Tabreed announces the completion of a plant in Al Ain. Global markets also ease following losses.
UAE and global stock markets lift in early trading
Local stock markets rose at the end of the trading week, lifted by construction stocks and after Tabreed, a district cooling company, said it completed the expansion of a plant in Al Ain.
Tabreed's stock jumped 3.3 per cent to Dh1.23 a share at the morning bell on the Dubai Financial Market (DFM).
Other construction stocks followed suit.
Arabtec Holding, the Dubai contractor, rose 0.6 per cent to Dh2.91. The DFM General Index rose 0.4 per cent to 1473.05 points.
Trading activity was largely muted in the capital.
Aldar Properties rose 1 per cent to 99 fils. Etisalat, the country's biggest telecommunications operator, rose 0.4 per cent to Dh8.80. The ADX General Index was largely unchanged, up 0.09 per cent, to 2469.39 points.
Global markets eased today after a report from the Federal Reserve in the United States showed policymakers would consider further easing if the US economy slows down, Bloomberg reported.
Stock markets from New York to Shanghai registered losses on Wednesday amid concerns over Greece's worsening debt crisis and the country's possible exit from the euro.
But Asian markets opened higher Thursday morning, with Japan's Nikkei Index increasing 0.8 per cent to 8876.59 points. Korea's TOPIX Index rose 1.1 per cent to 747.16 points. Hong Kong's Hang Seng Index rose 0.4 per cent to 19347.30 points.
Commodities also rose. Oil added 0.5 per cent in New York to trade at $93.35 a barrel, while gold gained 0.8 per cent to trade at $1548.90 an ounce.
Elsewhere in the region, Kuwait's measure was largely unchanged at 6437.03 points. Bahrain's measure slipped 0.4 per cent to 1150.80 points. Oman's MSM 30 Index rose 0.3 per cent to 5660.64 points. Qatar's QE Index rose 0.3 per cent to 8493.20 points.
The Saudi Tadawul exchange was closed on Thursday.
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