x Abu Dhabi, UAETuesday 23 January 2018

UAE stocks reflect improving global mood

Markets Update: Small-cap property firms boost Dubai's benchmark in early trade on Sunday.

The UAE stock-markets ticked higher on Sunday, with retail investors buying small-cap stocks amid positive sentiment from global markets over the weekend.

Union Properties, a Dubai developer, jumped 3.8 per cent to 27 fils each. The developer announced the appointment of Ahmad Khalaf Al Marri as acting general manager after Khalid Al Jarwan resigned.

"Investors are looking at this as a positive continuation and a step towards the restructuring of the company as a whole," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. The company last week said it reached a $1bn debt deal with Emirates NBD.

Deyaar Development, another developer in the Emirate, gained 2.3 per cent to 22 fils.

Retail investors account for about 80 per cent of overall trading on the exchanges.

The Dubai Financial Market General Index added 0.3 per cent to 1332.70 points, while the Abu Dhabi Securities Exchange General Index was little changed at 2338.09 points.

US financial markets closed higher on Friday, with the Dow Jones Industrial Average Index up 0.7 per cent, after fourth quarter results from tech firms IBM, Intel and Microsoft beat analyst estimates.

Elsewhere in the region, Kuwait's measure was little changed at 5801.30 points. Bahrain's benchmark was also little changed at 1141.43 points. Oman's MSM 30 Index added 0.3 per cent to 5598.98 points. Qatar's QE Index lost 0.4 per cent to 8423.38 points. The Saudi Tadawul All-Share Index rose 1.3 per cent to 6464.17 points.