x Abu Dhabi, UAESunday 23 July 2017

UAE bourses regain ground after Libya-inspired sell-off

Market Update: The country's bourses take a breather after yesterday's aggressive sell-off. Regional measures mixed at the open. - with video.

Local markets took a breather after yesterday's aggressive sell-off fuelled by civil unrest in Libya, Africa's third largest oil producer.

Trading remained thin on the country's bourses, with Dh11 million worth of stocks traded on the Abu Dhabi Securities Exchange and Dh29 million of traded value on the Dubai Financial Market.

In Abu Dhabi, energy related stocks declined at the open. Dana Gas dropped 3.1 per cent to 62 fils. Taqa, also known as Abu Dhabi National Energy lost 0.7 per cent to Dh1.35. The banking sector made decent gains, led by Invest Bank which added 7.7 per cent to Dh1.94. First Gulf Bank added 5.2 per cent to Dh16.95. Abu Dhabi Commercial Bank added 5 per cent to Dh2.28

The Abu Dhabi Securities Exchange General Index added 0.2 per cent to 2582.42. Yesterday the gauge lost 1.5 per cent.

In Dubai, blue chip firms in construction pushed the emirate's main measure higher. Arabtec Holding, Dubai's largest contractor, added 2.7 per cent to Dh1.48. Drake and Scull International added 2 per cent to Dh1.00 a share. The Dubai Financial Market General Index added 0.9 per cent to 1493.45.

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The Saudi Tadawul All-Share Index lost 0.3 per cent to 6277.03. The bourse will be closed on Feb 26 to mark the return of King Abdullah from Morocco.

Elsewhere in the region, Kuwait's measure gained 0.3 per cent to 6439.00. Bahrain's measure remained unchanged 1467.92. Oman's bourse declined 0.4 per cent to 6699.44. Qatar's measure declined 0.3 per cent to 8153.47.