Shares in the UAE bucked the trend in broadly negative regional markets yesterday, advancing for the second consecutive session this week.
UAE stocks in regional stand
DUBAI // Shares in the UAE bucked the trend in broadly negative regional markets yesterday, advancing for the second consecutive session this week. The Abu Dhabi Securities Market General Index rose 0.8 per cent to 2,724.56, helped by gains in financial services and property stocks. First Gulf Bank was among the major gainers, adding 5.34 per cent. RAK Properties gained 2 per cent, Aldar was up 1.7 per cent, and Sorouh Real Estate closed 1.4 per cent higher. "The markets have drawn some strength from higher oil prices," said Chahir Hosni, the equity sales manager at EFG-Hermes in Dubai. "Although trade volume is relatively low, I would say we haven't seen the last of this up trend. Also, the earning season is behind us now and there are no more surprises left on that account, so the market is taking a breather."
The Dubai Financial Market General Index rose 0.2 per cent to close at 1,596.79. Deyaar, the second-largest listed developer in Dubai, gained 2.2 per cent, while Emaar Properties, the largest listed developer in the region, advanced 0.7 per cent. Insurance stocks also posted gains, with Takaful Emarat rising 4.2 per cent on lower trading volume and Islamic Arab Insurance adding 2.5 per cent. Elsewhere in the region, markets closed on a negative note. Saudi Arabia's Tadawul All Share Index ended 0.2 per cent lower, while the Qatar and Bahrain markets both closed 0.4 per cent lower.
Muscat's main measure posted a marginal loss. The Kuwaiti market was closed for a holiday and resumes trading today. @Email:email@example.com