x Abu Dhabi, UAEFriday 28 July 2017

UAE stocks dip on low volumes

Markets Update: Local investors tread carefully this morning after Saudi stock market disappoints.

The UAE stock markets dipped lower this morning, amid low turnover, as investors remained on the sidelines after Saudi Arabia's stock market dipped lower on Saturday and lukewarm international markets.

The Tadawul All-Share Index closed 0.3 per cent lower yesterday to 7,031.04 points.

"Saudi Arabia's Tadawul saw selling pressure yesterday, global markets are a bit undecided, so people don't know where to go," said Marwan Shurrab, the chief trader at asset-manager Gulfmena Investments in Dubai.

The Abu Dhabi Securities Exchange General Index fell 0.1 per cent to 2,612.99 points.

Aldar Properties, the developer behind Yas Island and Ferrari World, advanced 2.3 per cent to Dh1.29. Sorouh Real Estate, the developer behind Reem Island's Sun&Sky Towers, gained 0.8 per cent Dh1.21.

"With low turnover, people try to take the opportunity to play volatility," Shurrab said. "When it comes to Aldar-Sorouh, theres the anticipation of a merger."

The Dubai Financial Market General Index lost 0.4 per cent to 1,597.44 points.

Elsewhere in the region, Kuwait's measure added 0.5 per cent to 5,913.74 points. Bahrain's index slipped 0.1 per cent to 1,081.73 points. Oman's MSM 30 Index was little changed, up 0.01 per cent to 5,603.52 points. Qatar's QE Index lost 0.4 per cent 8,564.26 points.

halsayegh@thenational.ae