x Abu Dhabi, UAEFriday 28 July 2017

Investors mostly wary on a quiet post-holiday return

The first post Eid day of trading on UAE bourses has closed with a mixed day on the markets with share action dominated by the property sector.

Local markets were mixed as investor caution weighed on stocks on the first day of trading after Eid.

The Abu Dhabi Securities Exchange Index dropped 0.2 per cent to 2,742.52 points and the Dubai Financial Market General Index rose 0.9 per cent to 1,702.71 points.

"It should have been a strong performance after the break but there has been little to no risky movement [and] not much liquidity," said Ameed Kanaan at Al Jazira Financial Securities. "Markets overall have been weak."

Gulf General Investment Company led the gains in Dubai as it reported a doubling of net income to Dh53.5 million in the third quarter against Dh22.2m in the same period last year.

Shares in the company rose 4.9 per cent to Dh0.51, their biggest climb in more than two weeks.

Property stocks strengthened, with Emaar Properties up by 1.9 per cent to Dh3.71.

Shares in Arabtec moved 3.2 per cent higher to Dh1.91 on speculation that the company may report a profit of Dh103m in the fourth quarter against a loss in the same period last year, according to Bloomberg.

In Abu Dhabi, most property stocks ended the day flat but Arkan, which provides construction materials, made big gains as it announced plans to construct a Dh100m dry mortar plant in Al Mafraq. Its shares jumped nearly 2 per cent to Dh2.07.

The Saudi Tadawul All-Share Index extended its two-week lows and slipped 0.3 per cent lower to 6,362.37 points. Elsewhere in the region: Qatar gained 1.31 per cent to 8,189.65; Oman lost 0.08 per cent to 6,601.47 and Kuwait rose 0.26 per cent to 6,968.00.

 

fhalime@thenational.ae