x Abu Dhabi, UAE Friday 21 July 2017

Property the main player as bourses resume trading

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

ABU DHABI // 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 (DFM) 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 and mostly driven by foreign markets," he said.

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 Dh22.2mn the year before.

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

Property stocks strengthened and Emaar Properties increased 1.9 per cent to Dh3.71.

Shares in Arabtec ticked 3.2 per cent higher to Dh1.89 on speculation that the company may report a profit of Dh103m in the fourth quarter against a loss last year, according to Bloomberg.

In Abu Dhabi, most real estate stocks ended the day flat but Arkan, a provider of construction materials in the UAE, was one of the biggest gainers 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 rebounded from its two-week lows to inch 0.06 per cent higher to 6,387.77 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.