x Abu Dhabi, UAETuesday 25 July 2017

Aldar the early gainer on UAE markets

Markets Update: Local markets reversed losses yesterday as investors tracked a gain across international markets - with video.

Abu Dhabi developer Aldar Properties was one of the top gainers this morning as investors tracked a climb across international markets.

Its share price advanced 4 per cent to Dh1.55, and was one of the most heavily traded stock at the open as 17 million shares changed hands.

Earlier this week, the developer had its long and short-term credit ratings affirmed at B by Standard & Poor's with a stable outlook, citing government support as a main reason.

The Dubai Financial Market General Index rose 1.09 per cent to 1,546.11 points and the Abu Dhabi Securities Exchange General Index edged half a per cent higher to 2,639.36.

Asian stocks were trading largely higher as the Hang Sang Index edged 0.7 per cent higher in China and the Nikkei was trading

In the US, the S&P 500 and Dow Jones Industrial Average ended 0.3 per cent and 0.5 per cent higher yesterday. But attention is likely to be focused on Europe today as Portugese prime minister Jose Socrates resigned after plans to cut the budget were rejected by parliament.

It pushed the country closer to an international bailout.

The FTSE 100 closed up 0.6 per cent in London.

Amjad Bakir, the trading manager at Menacorp Alternative Investments said the sentiment from Egypt had already been absorbed in local markets.

"We're following the international markets, and they're up but we are reaching the point when [investors will] start booking profits," Mr Bakir said.

He said most stock prices were above average and could lead to correction in the local market at the beginning of next week.

Egypt's stock market fell to its lowest point in more than two years on its first day of trading in more than seven weeks yesterday, as foreign investors sold aggressively across the board.

The bourse resumed trading two days before a deadline that could have led to its removal from the MSCI Emerging Markets Index, which is tracked by fund managers international and helps direct foreign investment into the country.