Investors were buying more shares in Tabreed, the Middle East’s biggest district cooling company, yesterday, amid rising temperatures and with the expectation that the company’s business will grow as the summer season gets under way.
Tabreed’s shares rose 1.6 per cent yesterday to close at Dh1.22 apiece.
“Tabreed is taking a big share of volumes when compared with the whole market,” said Wadah Al Taha, the chief investment officer at Dubai-based Al Zarooni Group. “The company has started recovering from the crisis, and [is] now gaining the interest from speculators.”
Tabreed said last week it had completed the expansion of its district cooling plant in Al Ain.
The company was forced to restructure after the global financial crisis dried up access to credit, which helped to cause the Dubai property bubble to burst.
The Dubai Financial Market Exchange General Index fell 0.1 per cent to 1,474.97.
Trading was lacklustre on the Abu Dhabi Securities Exchange General Index, with the top-four traded stocks ending flat. Aldar, the most actively traded stock, ended unchanged at Dh1.09. Dana Gas, Sorouh Real Estate and RAK Properties were unchanged at 40 fils, Dh1.01 and 36 fils, respectively.
“Everyone is just floating between small trading ranges,” said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.
Elsewhere in the region, Kuwait’s measure slipped 0.1 per cent to 6,207.62, Bahrain’s measure declined 0.2 per cent to 1,139.93, Oman’s MSM 30 Index added 0.9 per cent to close at 5,753.97, and Qatar’s QE Index retreated 0.4 per cent 8,474.83.
The Saudi Tadawul All-Share Index slipped 0.33 per cent to 7,033.11.