x Abu Dhabi, UAETuesday 25 July 2017

UAE stock markets make gains

Property and construction stocks yesterday boosted the overall UAE market.

Aldar Properties, Abu Dhabi's largest developer, rose 2.5 per cent to Dh1.23 on 16.7 million shares traded. Andrew Henderson / The National
Aldar Properties, Abu Dhabi's largest developer, rose 2.5 per cent to Dh1.23 on 16.7 million shares traded. Andrew Henderson / The National

UAE shares gained yesterday, led by the property and construction sectors.

Aldar Properties, Abu Dhabi's largest developer, rose 2.5 per cent to Dh1.23 on 16.7 million shares traded. Sorouh Real Estate, its nearest rival, gained 1.7 per cent to Dh1.15 a share.

"There is some positive sentiment coming from investors on the property sector," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.

The Abu Dhabi Securities Exchange General Index was little changed at 2,557.99 points.

In Dubai, Drake & Scull International rose 1 per cent after the contractor announced that its Kuwait unit had won a contract valued at Dh73 million. The shares ended trading at 86 fils yesterday.

The Dubai Financial Market General Index rose 0.4 per cent to 1,472.65 points.

In Qatar, shares rose after HSBC raised its price estimate for Qatar Telecom.

The Qatari operator, also known as Qtel, jumped the most in more than a month, up 1.5 per cent to 150.5 rials yesterday.

HSBC increased its price estimate for the operator by 5.4 per cent to 180 rials. Separately, Qtel yesterday said it would pay interest to noteholders on October 14 and October 16.

Qatar's index was up 0.6 per cent at 8,497.40 points yesterday.

Kuwait's index lost 0.3 per cent to 5,955.90 and Bahrain's bourse was flat at 1,256.56. Oman's measure was up 0.09 per cent at 5,741.76 points.

The Saudi Tadawul All-Share Index ended its trading week 0.03 per cent lower at 6,142.26.

halsayegh@thenational.ae