x Abu Dhabi, UAEMonday 24 July 2017

UAE markets remain lukewarm as trading draws to close

Market Wrap: Local bourses remained lukewarm ahead of the weekend.

UAE markets remained lukewarm as investors exited their positions ahead of the weekend at the close.

The Dubai Financial Market General Index declined 1.3 per cent to 1478.78, while the Abu Dhabi Securities Exchange gained 0.2 per cent to 2613.50.

"There is an absence of local investors putting their money into the equities market as negative sentiment from Libya continue to dominate the minds of investors," said Ameed Kanaan, the general manager at Al Jazira Financial Services in Dubai.

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For more coverage of the wider Middle East unrest: click here

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Arabtec Holding, Dubai's biggest contractor, lost 3.3 per cent to Dh1.43 a share. Dubai Financial Market Company lost 0.7 per cent to Dh1.26.

Aldar Properties, Abu Dhabi's biggest contractor, declined 5 per cent to Dh1.52. Sorouh, the emirate's second biggest lost 3.4 per cent to Dh1.11.

Elsewhere in the region, Kuwait's measure added 0.2 per cent to 6481.10. Bahrain's index lost 2.7 per cent to 1432.61. Oman's measure lost 0.1 per cent to 6646.34. Qatar's index gained 0.2 per cent to 8200.50. The Saudi Tadawul was closed for the day.

 

halsayegh@thenational.ae