x Abu Dhabi, UAETuesday 25 July 2017

Gulf markets end on a high as bellwether stocks ring true

Gulf markets largely ended higher on a better than expected finish to Egypt's market and a rally across global equities

Bellwether stocks in Dubai and Abu Dhabi ended the week mostly higher as global equities helped strengthen the market.

Abu Dhabi developer Aldar Properties was one of the top gainers of today as its share price advanced 4.03 to Dh1.55.

It is the most heavily traded stock on the Abu Dhabi exchange and yesterday nearly 37 million shares changed hands.

Sentiment was also somewhat buoyed by a better-than-expected Egypt market performance, which ended up 0.9 per cent to 812.576 points on institutional buying.

Egypt's stock market had fallen to its lowest point in more than two years on its first day of trading in more than seven weeks on Wednesday, 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.

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 as investors were comforted by gains on the international markets.

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.

Elsewhere in the market; Oman's market ended marginally higher at 8,307.85; Bahrain's measure closed 0.3 per cent up to 1,422.57, Kuwait's index slipped 0.2 per cent to 6,285.00 and Qatar;s bourse finished 0.2 per cent up to 8,307.85.

Saudi Arabia's market is closed for the weekend.