UAE stocks gain marginally

Abu Dhabi: UAE’s markets advanced marginally on Tuesday, maintaining the tight range of less than one per cent and gaining only Dh4.5 billion in market capitalisation. The Emirates Securities general index advanced 0.55 per cent to 5,955.70, sustaining a one per cent level of losses since the beginning of the year, one of the best rates among emerging markets so far. The value of traded shares remained in the vicinity of Dh1 billion, a relatively low average, given the ongoing first quarter financial disclosures. In Dubai, the general index advanced 0.92 per cent, reflecting the recovery of most of the leading shares from the losses recorded earlier in the week. The real estate sector was responsible for most of the gains, with Emaar Properties, the country’s leading listed developer, advancing 1.36 per cent to Dh11.15, followed by Deyaar Development which gained 2.6 per cent to close at Dh2.38. Emirates Integrated Tele-communications (du) and Dubai Investments were also among the best performers, advancing by four and two per cent to Dh5.93 and Dh4.16 respectively. The general index of Abu Dhabi Securities Margin ended the session on positive ground as well, recovering by 0.22 per cent to 4,853.11, on account of the relatively strong gains recorded by etisalat, the country’s leading telecommunications services provider which stood 1.15 per cent higher by the close at Dh21.95. Nevertheless, the 0.72 per cent of losses recorded by the National Bank of Abu Dhabi diminished the total market gains, given that the real estate developers and energy companies reported a mixed performance. Aldar Properties remained unchanged at Dh10.80, while Sorouh Real Estate retreated 0.42 per cent to Dh9.45. Meanwhile, Abu Dhabi National Energy’s (Taqa) gains of 0.63, lifting the price up to Dh3.18, were offset by the losses of 0.97 per cent recorded by Dana Gas, which stood at Dh2.04 by the close. Gulf markets Elsewhere in the region, the Oman index closed higher for the fourth successive session, adding 0.02 per cent to 10,960.46 after hitting a record high of 11,011.29 during the day. Oman Cement and Bank Dhofar led the gains, rising 4.01 per cent and 1.36 per cent respectively. Saudi Arabia’s main index ended lower for the first time in seven trading days, led by declines in banking stocks. Bank fell 2.03 per cent and Al Jazira Bank dropped 3.14 per cent after its first-quarter profit declined 49 per cent on a dive in income from stock market activity. In Qatar, the main index rose 3.22 per cent to 11,013.02, its biggest one-day jump since February 4 after hitting a year high during trading. Industries Qatar surged 9.35 per cent after it posted record profit in the first quarter. – With inputs from Reuters