x Abu Dhabi, UAESaturday 22 July 2017

Property stocks show strength

Abu Dhabi investors showed particular interest in property stocks ahead of today's National Day holiday.

Sorouh Real Estate advanced 1.2 per cent to Dh1.67.
Sorouh Real Estate advanced 1.2 per cent to Dh1.67.

Abu Dhabi investors showed particular interest in property stocks ahead of today's National Day holiday.

The Abu Dhabi Securities Exchange (ADX) General Index closed 0.4 per cent higher at 2,740.85 yesterday, reversing intraday losses.

"There was a large transaction made on Qatar Telecom [Qtel] that managed to push the index down during the first half of the trading session, but trading activity on Abu Dhabi property stocks managed to take the index into the green," said Alfred Fayek, the head of MENA institutional equity sales at EFG-Hermes's brokerage in Dubai.

Qtel, which has a dual listing in Abu Dhabi and Qatar, declined 3.7 per cent to Dh180 a share in Abu Dhabi.

Aldar Properties rose 1.8 per cent to Dh2.25, Sorouh Real Estate advanced 1.2 per cent to Dh1.67, and RAK Properties was up 2.2 per cent to 46 fils.

The Dubai Financial Market (DFM) General Index rose 1.1 per cent to 1,687.92. Dubai Investmentsrose 0.8 per cent to 81 fils a share. Arabtec Holding, based in Dubai, rose 2.2 per cent to Dh1.86. DFM Company, the only publicly traded bourse in the Arab world, rose 2.6 per cent to Dh1.56.

The DFM and the ADX will be closed today and will resume trading on Monday.

The euro rose against the US dollar for the first time in a week, by 0.07 per cent to 1.30, on speculation that European policymakers would agree on further steps to contain the euro-zone debt crisis.

Elsewhere in the region, Kuwait's index declined 0.5 per cent to 6,850.50, and Bahrain's was down 0.2 per cent to 1,434.12.

Oman's bourse rose 0.7 per cent to 6,638.53, and Qatar's slipped 0.1 per cent to 8,129.67. The Saudi Tadawul All-Share Index rose 0.42 per cent to 6,344.88.

halsayegh@thenational.ae