Dubai's shares crept higher on low volumes yesterday as investors bought intoproperty and construction companies ahead of second-quarter earnings.
Emaar Properties jumped 1.5 per cent to Dh3.21 on the Dubai Financial Market (DFM) General Index.
Emaaris expected to report increased recurring income from the company's hotel and tourism portfolio amid a rise of visitors to the country, said Fadi Al Said, the head of investments at ING Investment Management in Dubai.
"The wild card is their international developments," he said. "I expect strong momentum going into the second quarter."
Arabtec Holding, the region's biggest contractor, gained 0.6 per cent to Dh2.90, while Tabreed, a district cooling company, added 0.8 per cent to Dh1.24.
The DFM General Indexgained 0.7 per cent to reach 1,505.02.
Sorouh Real Estate, the Reem Island tower developer, lost 0.9 per cent to Dh1.01 on the Abu Dhabi Securities Exchange (ADX) General Index.
United Arab Bank tumbled 10 per cent to Dh2.79. Etisalat slipped 0.1 per cent to Dh9.16.
The ADX General Index closed 0.1 per cent lower to 2,464.49 points.
Elsewhere in the region: Kuwait's measure lost 0.3 per cent to 5,790.94; Bahrain's index slipped 0.1 per cent to 1,108.05; Oman's MSM 30 Index fell 0.4 per cent to 5,410.59; Qatar's QE Index slipped 0.1 per cent to 8,249.29.
The Saudi Tadawul All-Share Index moved up0.44per cent to 6,670.02.
Surge in Gulf trade credit insurance
Demand for trade-related credit insurance in the GCC is expected to rise by nearly 40 per cent this year as companies seek to improve their ability to secure finance and cover risks in Europe, Africa
Emirates sees 777X role beyond A350-1000
Emirates chief executive officer Tim Clark said there isn’t much overlap between Boeing Co’s new 777X and the Airbus SAS A350-1000 long-range jet, allowing him to accommodate both models in his fleet