UAE stocks keep pace with oil
UAE stock markets ended up in quiet trade on Tuesday, roughly in line with oil prices.
Brent crude was 0.6 per cent higher on Tuesday afternoon at US$52.02 per barrel.
The Dubai Financial Market General Index rose 0.5 per cent to close at 3,494.87. It was the bourse’s first gain in three sessions.
Among the day’s gain leaders were Dubai Islamic Bank, Dubai Investments and Emaar Properties.
Their gains were offset by declines at Emirates NBD, Aramex and Gulf General Investments.
The fall for Emirates NBD came on a day when ENBD Reit, a Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, set the offer price of its ordinary shares at US$1.11 per share.
In Abu Dhabi, the general index moved up for a second straight session. It gained 1.2 per cent to close at 4,512.82, helped by FGB, Etisalat and Invest Bank.
The gains by the three were muted by downward pressure from Sharjah Islamic Bank, Gulf Medical Projects and Gulf Finance House.
Aldar Properties climbed after its annual general meeting discussed expansion plans.
Aldar, the day’s second most heavily traded stock, rose 1.2 per cent. It plans to increase its operating income to Dh2.2 billion in 2020 from the current Dh1.6bn, chairman Abubaker Al Khoori told shareholders late on Monday.
Abu Dhabi’s most heavily traded stock was Eshraq Properties, which closed unchanged.
In Saudi Arabia, the Tadawul index slipped 0.09 per cent. On Monday, Saudi government sources said the country plans to curb the number of foreign workers from September 3 to encourage the hiring of more Saudi citizens.
* The National and Reuters
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Updated: March 21, 2017 04:00 AM