x Abu Dhabi, UAESunday 23 July 2017

UAE stocks lose momentum in Abu Dhabi and Dubai

Markets Update: Traders book profits on the last day of the trading week as Dubai's index slips, while Abu Dhabi's stock market opens little changed.

Local markets were lack-lustre on the last trading day of the week, as investors pulled out of stocks in the absence of strong catalysts.

Emaar Properties, the region's biggest developer, lost 0.9 per cent to Dh3.25 a piece on Thursday. Tamweel, a mortgage company complying with Shariah rules. lost 1.5 per cent to Dh1.24. The DFM General Index was down 0.2 per cent to 1656.15 points.

"The markets are in consolidation mode, with no major moves expected unless retail investors decide to play certain stocks for speculation," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "But from a fundamental level, there are no major catalysts to warrant entry into specific stocks today."

Property stocks led the declines on the Abu Dhabi Securities Exchange.

Aldar Properties, the developer behind Yas Island, lost 1.7 per cent to Dh1.13.

Sorouh Real Estate, the capital's second biggest developer, lost 0.8 per cent to Dh1.13 a piece. RAK Properties fell 2.5 per cent to 39 fils a share.

The ADX General Index was little changed at 2510.46 points.

Elsewhere in the region, Kuwait's measure slipped 0.1 per cent to 6329.10 points. Bahrain's index was little changed at 1146.78 points, Oman's MSM 30 Index fell 1.2 per cent to 5842.38 points. Qatar's QE Index lost 0.2 per cent to 8633.38 points.

The Saudi Tadawul exchange was closed for the day.